Item 8.01 Other Events On July 8, 2026, we entered into an agreement to acquire The Waterford on Piedmont, a 153-unit, ten-story high-rise multifamily property (the “Property”) located in the Midtown submarket of Atlanta, Georgia. The purchase price is approximately $35 million (subject to customary closing purchase price adjustments):…
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Item 8.01Item 8.01 - Other Events
Item 8.01 Other Events
On July 8, 2026, we entered into an agreement to acquire The Waterford on Piedmont, a 153-unit, ten-story high-rise multifamily property (the “Property”) located in the Midtown submarket of Atlanta, Georgia. The purchase price is approximately $35 million (subject to customary closing purchase price adjustments): we anticipate obtaining an approximate $22 million mortgage and funding the approximate $14 million balance of the purchase price (including closing costs and working capital reserves) from refinancings of properties that have appreciated in value.
The completion of the transaction, which is anticipated to close during the quarter ending September 30, 2026, is subject to, among other things, the satisfactory completion of the Company’s due diligence investigation and other customary closing conditions.
Based on information provided by the seller (which information has not been audited by our independent auditors), the revenues and real estate operating expenses for the Property were as follows for the indicated periods (dollars in thousands):
Three Months Ended Twelve Months Ended
May 31, 2026 May 31, 2026
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Revenues $881 $3,487
Real estate operating expenses $405 $1,635