Harbert United States Real Estate Fund VII LP, along with partner Eaglebrook Real Estate, has acquired The Summit Apartments in Union City, Georgia. The Harbert fund is an investment vehicle of Birmingham-based Harbert Management Corp.
Built in two phases, The Summit Apartments is a 252-unit multifamily property featuring townhome and garden units, located 18 miles southwest of downtown Atlanta. The property is also near Atlanta Metro Studios, an array of restaurants, retail and commercial staples. Nearby is 24 million square feet of industrial space, including major employers like Proctor & Gamble, Amazon, DHL, General Electric, Caterpillar and others.
Harbert, in a release, said its plan is to focus on operation and physical improvements to the property with new management. The company also plans to modernize the unit interiors and provide washer and dryer sets within the apartments.
Harbert Management Corp., with its HUSREF VII fund, is focused on primary and secondary markets with strong job growth, diversified economies and a depth of institutional ownership. The asset management firm has approximately $8.0 billion in regulatory assets under management as of May 31, 2022.
Eaglebrook Real Estate is a real estate investment firm based in Atlanta that has more than 25 years of experience.
