First Atlantic Capital Acquires General Partnership Interests in 26-Property NorSouth Portfolio Valued in Excess of $300 million
Rental Communities in Georgia, North Carolina and South Carolina Total 3,697 units
First Atlantic Capital, LLC, an affordable housing investment company located in Boston, Massachusetts and Wilmington, North Carolina, has announced the acquisition of general partnership interests in 26 affordable multifamily rental communities in Georgia, North Carolina and South Carolina. The NorSouth portfolio acquisition is representative of First Atlantic Capital’s differented investment strategy to acquire limited partner, general partner and corporate investor interests in affordable housing properties throughout the United States. The portfolio is valued in excess of $300 million.
Twenty-five of the properties are located in Georgia, one in North Carolina and one in South Carolina. The average age of the properties is nine years.
“The high quality of this portfolio and the integrity of Bill Johnston and the principals of NorSouth Group, with whom we have a 22-year relationship, made this acquisition a smooth transition,” said Christopher W. Collins, co-founder and managing partner of First Atlantic Capital, LLC. “Our team is now well positioned to add value to the portfolio as rent restrictions expire over the next decade.”
The First Atlantic Capital management team is made up of industry leaders with extensive success over the last 30 years encompassing every aspect of the affordable housing business from advisory, acquisitions, ownership and management to construction, development, redevelopment and equity investment.
The firm’s principals have owned and operated a top-tier syndication firm that controlled more than $8 billion in real estate assets, which included 2,100 multifamily properties located in 49 states. The principals have also directly developed or redeveloped more than 20,000 apartments in more than 200 properties located in 29 states.