NNG Capital Fund, a New Jersey-based private equity fund, has bought a 120-unit multifamily property, the Summit Apartments, in Macon, Ga. for $9.2 million.
The Summit Apartments contains 120 rental units with an over 98% occupancy rate and rents 26% below local market rates at the time of purchase. The 15-building apartment complex acquisition completed by NNG Capital Fund expands its footprint into new markets as the company, according to NNG Capital, works to build on recession-resilient and income-producing assets in its portfolio.
The company also has a sister property to the Summit Apartments under contract in Macon, Ga. This acquisition will add another 142 units to NNG Capital’s portfolio.