CBRE has announced the sale of The Bauer, a 192-unit multifamily complex in Acworth, Georgia, a northwestern suburb of Atlanta. Salt Lake City-based Sundance Bay sold the property for an undisclosed price.

Blake Cohen of CBRE Capital Markets’ Debt & Structured Finance in Atlanta and Blake Ilgenfritz of CBRE Affordable Housing in Seattle represented the buyer, The Hallmark Companies, and secured a $21.4 million loan for acquisition of the property. The loan was sourced through Fannie Mae. The Bauer participates in the low-income housing tax credit program (LIHTC) and is subject to affordability restrictions with approximately five years of compliance left.

“The LIHTC space is less fazed by the current disruption due to more favorable loan sizing and pricing treatment via the agencies’ dedicated affordable channels,” said Mr. Cohen, Senior Vice President with CBRE. “Hallmark is an established operator who has owned through many cycles, and they have never let a down market et in their way.”

Located at 4801 Baker Grove Road NW in Acworth, The Bauer is a 14-building, 192-unit garden-style apartment community located approximately 30 minutes from downtown Atlanta. Built in 1997, the property includes a mix of one-, two-, and three-bedroom units ranging in size from 840 sq. ft. to 1,254 sq. ft. Community amenities include a clubhouse, coffee bar, fitness center, playground, swimming pool, and laundry facility.