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PTC apartments sold for $9M

The Concord Village apartment complex in south Peachtree City has been sold to an Atlanta-based real estate investment and operating firm.

QR Capital bought the 180-unit complex for $9 million in a recent transaction.

The company plans to conduct a renovation including roof work, amenity improvement and cosmetic fixes such as paint touch-up and landscaping, according to Matthew Hunsicker of QR Capital.

QR Capital also plans to re-market the facility to “improve its performance,” Hunsicker said.

Concord Village is located a short distance south of the intersection of Peachtree Parkway and Crosstown Road.

The current fair market value for the apartments as determined by the county tax appraiser’s office is $6.48 million.

Concord Village initially opened in the mid-90s under the name Peachtree Station, but the name was later changed to Harmony Village.

QR Capital’s management team has been involved in more than $5 billion of commercial real estate transactions.

As operators, the principals of QR Capital have been involved in every aspect of multifamily property acquisition and ownership, including hands-on management of just under 30,000 apartment units and supervision of over $400 million in property construction and renovation.

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Comments

Let's get rid of the Section 8 and make these apartments more upscale. I hope...

his DAPC if it would buy this property, level the whole thing, and start anew with something good!

MadMike was right about the Falcons winning AND covering the spread!

mudcat's picture

Presiding over DAPC's eviction of 200 families that are income-challenged and largely minority would surely trigger a lawsuit - especially if the mayor or anyone opened his big mouth and said the wrong thing. Anyone want to bet against that happening? Didn't that happen already and our reward was subsidized apartments for seniors in Kedron.

kimberlyinptc's picture

have subsidized seniors living in town than the drug dealing baby mama/baby daddy crap that's in Harmony/Concord Village now.

Don Haddix's picture

NorSouth actually was approved because of a lawsuit over lack of low income senior housing, not racism. Could not win against our own Staff report that said we had too little. Plus it was a 4-1 vote. No way I could deny it on my own.

Yes, they tried to tag in racism but it did not fly. When I went to my deposition they pushed it for over an hour, but could not actually show any racist statement or proof. I laid five years of Fire and Police statistics on the table which clearly defended my concerns about safety.

This is private property and the City has no legal reason to even consider ownership of this property. So we do not have every answer at this time.

Rest assured we will pay close attention to what occurs on this property.

<cite><strong>Don Haddix
Peachtree City Mayor</strong></cite>

Robert W. Morgan's picture

You da man! Thanks for all you do.

Live free or die!

Would I lie to you? Of course the Falcons won and covered the spread. I also guarantee they will not lose this weekend.

Don Haddix's picture

Last word I received was the section 8 status was not being renewed upon expiration.

As for the full scope of the renovation goes, that is still unclear.

<cite><strong>Don Haddix
Peachtree City Mayor</strong></cite>

kimberlyinptc's picture

vote for Mayor Haddix I'd give him a great big kiss if what he says is true...I look out my office window onto Harmony Village (Concord, whatever) all day. We live across the street and that place is a nightmare. The fire engines and police are there constantly (to let people into their apartments when locked out, among other things that waste the tax $$ WE pay) we've been told by someone who knows. The children there have their own school buses because of the sheer numbers of them and the behavior problems they bring with them. Anything that's not nailed down gets stolen from our yard...they walk up and down the Pkwy like it's Buford Hwy instead of taking the extra few steps to use the path system to the store. I totally understand that not everyone can afford to own or even rent a home and some alternative is needed...I don't live in the Taj Mahal, but I do pay my own mortgage pymt and my taxes so my children can grow up here, and it irks me that my son has to go to a "Title 1" school because we just happen to fall into the boundary with the section 8 housing. And don't wag your finger to me about knowing what I was getting into...I was here first!
Keeping my fingers crossed that the section 8 status will not be renewed!!

any idea how many kiddos would not be living there if no Section 8? Would it be enough to cause the school board to close down Oak Grove school?

NUK_1's picture

Both Oak Grove and Braelinn were there and pretty full,as in some trailers in use, before Ghetto Village and Balmoral were built.

kimberlyinptc's picture

The decline in enrollment was reported in the Citizen right after school started...the whole county is getting older, I guess and the kid population has declined, as well as parents whom choose to home-school or send to private school. My oldest son started OGES in 1994 (2nd grade) and there were trailers...2 yrs later Harmony opened and the trouble started. We are not now at capacity, nor are any other Fayette schools, but if the parents don't pay taxes then they are a leach off the system and I say "good riddance" to section 8 (if that is, indeed, the case).

mudcat's picture

The Section 8 kids would all move away and be replaced by slightly fewer kids. But then the Section 8 kids would still be attending those schools even after they moved out of the county to other Section 8 housing. See, they are entitled to our schools. That's what Section 8 and all these other liberal federal and state programs teach - entitlement. Entitlement - now serving the third and fourth generations.

There is one bus from Oak Grove which handles both apartments and from what I can see in the morning when I drop off my kids, there is probably 30 to 35 kids. Keeping in mind that some parents drop their kids off by car and golf cart and that not everyone on the bus is from a section 8 apartment, I would say Oak Grove could lose somewhere around 40 to 50 students (10%) if section 8 housing were pulled!

kimberlyinptc's picture

have to close if Harmony/Concord got off the Government teat. I'm sure other children would move in to replace the one's that would flee having to actually pay rent. My guess is that if INS did a sweep, half of the apt complex would be deported...like that would ever happen in America!
ESOL = 5.8% student population, EIP = 31.3%...the # of Hispanic students jumped from 8 to 13% from 2007 to 2009. Free lunch eligibility jumped from 51% to 56% in that same time...not only do we pay for their housing, but also for their food. They drive in and out of Harmony in new cars, etc...drives me nuts. If a person can afford mobile internet and a car payment, they can pay for their own apartment :/
Our test scores: The math scores comparison by Race/Ethnicity are very telling...and why we are a "title 1 school".
http://reportcard2010.gaosa.org/%28S%28kt5nwu55mgvocrjk40ea02bm%29%29/k1...

suggarfoot's picture

this 'entitled' mind set needs to go. But instead it pandered to by the politicians.

mudcat's picture

The mayor is correct and you owe him that great big kiss. Section 8 is not being continued by the new owners and as the leases expire those paying below-market rent will either pay full rent or leave. But, as i pointed out earlier, they will leave their kids in school (illegally), so enrollment will actually go up as new kids move in with their full-rent paying families.
Now, the good news. the new owners determined that the rental demand is at an all-time high since no one is buying a house, so they are going to really clean that place up and they bought it at a rock-bottom price. All this is second-hand from a friend who applied for the manager's job there.

Before you get all kissyface with Mayor Haddix, please view the video tape of last night's council meeting to see how he treats women.

MajorMike's picture

That answers both of my unasked questions. Hopefully we will have seen the last of the section 8 problems after the new owners rehab the place.

"Crimony" village is not far from my house, yours either.

seems to be stuck up the Mayor's rear. Can someone help me pull it out so he can breath again? Such a nasty sight.

MajorMike's picture

Let us know when you graduate from elementary school, I'm sure it will be cause for much celebration.

Seriously,I don't know where your immaturity comes from but you need to lose it.

suggarfoot's picture

with Major Mike's head or thoughts. If this low income housing had been more selective and hard nosed on rules to live there, these neighbors may not be complaining. I wouldn't want to live next to them either.

recently? Not what I heard today.

They are still listed on www.georgiahousingsearch.org. Most expensive unit at $924. for a 4 bdrm. unit. $300. deposit.

Don Haddix's picture

As of now I have heard of no interaction with City Hall. So what is intent, rumor, reality, etc. will not be known until they actually begin moving forward and do filings with Community Development.

But to be Section 8 they will have to reapply with the Feds.

<cite><strong>Don Haddix
Peachtree City Mayor</strong></cite>

at least one townhome in Lexington is taking Section 8. Also, 111 Doubletrace is listed on the web site I listed above as accepting Section 8.

Don Haddix's picture

Many issues we would not have expected ten years ago are now becoming realities.

That is another reason the 1.25 and proposed future tax increases hurt. I am stunned some on Council say it has no impact. It most assuredly does.

Section 8 does not have to be for whole developments. Individual homes can have it. Your Lexington example demonstrates that point.

<cite><strong>Don Haddix
Peachtree City Mayor</strong></cite>

Your proposed 0.5 mil tax increase would have put the city back in the same poor financial condition within 2 years.

Using the city financial director's spreadsheet if you layer in similar projections on a go forward, within 2 years we would be worse off.

Stop lieing!

Oh, and don't say that by creating x number of high paying jobs through the DAPC (which you and Doug proposed) PTC would be ok. Look at where the tax revenues come from. 75% is mil tax on homes, the 20% come from retail sales.

Do you have brown eyes? You are so full of it they should be!

Concord/Harmony Village $850. for 4 br (300 dep.)

apartment building is not considered renovation. It's considered basic maintenance. Cosmetic fixes? Give me a break. Same old, same old...

Gonna keep it for a few years, and sell it off for a few hundred thousand more than what they spent on it. (or so they hope.)

The only thing to improve that property is to raze the buildings and put in something that is built with more than the cheap crap this place was built with 15 years ago and get rid of the Section 8 housing agreement that should be up for renewal now or in the very near future. At the very least, require the golf cart drivers that live there now to be able to read and speak English and you will have plenty of vacancies, which will improve the value of the property immediately.

NUK_1's picture

Hey, they changed the name to CONCORD VILLAGE and that's enough "renovation" to make it a great place! Look at how changing the name of Stewart Ave to Metropolitan Parkway and Bankhead Hwy to Hollowell Pkway worked! All crime and total blight just disappeared! Didn't you notice the huge improvement when they changed it from Peachtree Station to Harmony Village?

I hate to say it, but you're exactly right. Someone buys this dump and puts as little $$$ into as they can possibly get away with, then sells it a few years later after they have taken advantage of the depreciation write-off for a while and the guaranteed Sec 8 rent. Ugh.

How do those work? Do they have to be approved buy the City Council or is it completely up to the property owners?

changed management companies. I don't think the city is involved at all. They said they were going to "fix the place up", too and get a better mix of non Section 8 tenants in there. I think it was more a case of the old mgt. company didn't want to renew their contract, not the other way around.

Section 8 is run by Georgia Dept. of Community affairs (DCA). Who knows what this new ownership will do with Section 8. Judging from the last 15 years the chance of any positive changes are about zero.

An FYI- I just had it from someone who knows, Section 8 is going to continue. Same old, same old....

DH's picture

This would be a great place to empty out and renovate for senior living. Then new mananagement could make some real money and the community would benefit from the much needed improvement. Town Club senior living apartments just one block a way starts at 3k a month and up!

Be careful what you wish for, Haddix is so anxious about this election, he'll promise you what you want - remember PhotoCircuits!

I wasn't serious about giving Hizzoner DAPC--just satirically mouthing off about my desire to get rid of Concord! I will not vote for Hizzoner or his drones until he moves his office to PhotoCircuits and drinks the ground water!

Jackets getting swatted every which way but loose these days! Ouch!!!!

Don Haddix's picture

It is private property, we have no legal reason to intrude, surrounding tests are clean and we do not know the actually status of contamination, if any.

Personally, I would not occupy the building in any way and most assuredly not drink any water until the Level II tests are taken.

DAPC remains the route we would go IF we ever were involved to that depth. As of now it is a property owner matter.

Concord I addressed in another post.

Just letting everyone know what we know at this point in time.

<cite><strong>Don Haddix
Peachtree City Mayor</strong></cite>

Don

Enough with the DAPC....you are just like Obama. More government, big government. Guess what, the PhotoCircuits property was easily sold at auction and the new owners will clean it up to either resell it or develop it.

So, there is no IF! Stop the fear mongering and promoting of DAPC.

God bless FREE ENTERPRISE! Let the property owners handle it with the city staff.

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