Chicago-based Crescent Heights was a big player in the condo conversion craze in Atlanta in the late 90s. The firm has recently re-entered the Atlanta market, buying two apartment communities. Jason Buchberg, acquisitions manager at Crescents Heights, answered four questions about the multi-family marketplace and his firm’s strategy here. (Jason and his wife pose in Napa last year)
JB: In March 2010, we bought Lenox Hills, an apartment complex at Buford Highway and Druid Hills. It has 480 units. In December 2010, we bought Park Towers II, a high-rise in Sandy Springs. We are managing them both as rentals. It may make sense to turn them into condos someday or to sell them. We have multiple possible exit strategies.
HS: Why Atlanta?
JB: We are interested in being in markets where we have been before, markets we know. Anything we buy in Atlanta is going to be a long-term hold. Atlanta has more years to recover than a market like Chicago or D.C. We have patient money and we don’t mind waiting.
HS: As you look at deals, are there any parts of Atlanta that particularly interest you?
JB: We would love to get back into Buckhead.
HS: Where do you stay and where do you eat in Atlanta?
JB: I stay on my buddy’s couch in Buckhead. My favorite places to eat are Chops and Chick-fil-A.