ATLANTA – JUNE 6, 2022 – Songy Highroads (SHR) is pleased to announce the formation of a wholly-owned subsidiary that acquires and invests in multifamily communities: SHR Residential, LLC (“SHR Resi”).
SHR Resi was formed to acquire value-add multifamily properties in the metropolitan Atlanta area as well as selective ground-up development of new multifamily communities.
SHR has already closed on five residential projects in the past year, including:
- The purchase of Arlowe Townhomes in the The Battery/Cumberland Galleria submarket.
- The acquisition of two apartment projects at Colliers/Defoors Rd in the Upper Westside neighborhood of Midtown.
- The purchase and redevelopment of a 370-unit apartment complex in College Park near the Atlanta airport called Biscayne Apartments.
- The purchase of The Food Truck site at Howell Mill Rd and I-75 for a ground-up development of a 210-unit Class A apartment complex called The Howell in Buckhead.
SHR began expanding into multifamily investments five years ago to diversify and complement its holdings in commercial real estate and institutional quality hotels and hospitality properties.
Marvin Banks, Jr. serves as Chairman of SHR Resi, which is led by Principals David B. Songy, Todd W. Nocerini, and R. Foster Durkee. Durkee shall serve as President of SHR Resi, and his associate Taylor Callaway will cover acquisitions and asset management.
Creating SHR Resi sharpens the company’s focus on the multifamily sector at a time when the market is at an inflection point amid rising interest rates, record housing prices and inflation that make homeownership harder for many people. SHR Resi has several additional acquisitions underway as well as new projects in the early planning stages.
“We are enthused to capitalize SHR Resi and we believe that recent market imbalances and pricing disparities create compelling opportunities for experienced and knowledgeable investors,” Banks said.
Banks joins SHR Resi with nearly 40 years of professional experience in the multifamily space beginning with Trammell Crow which he helped lead through an IPO as Gables Residential, listed on the NYSE and ultimately sold to ING. Banks was instrumental in the evolution of Cortland Partners, serving as President prior to forming his own firm, M Banks Realty Partners, providing strategic advisory services to real estate platforms and capitalizing on investment arbitrages producing outsized risk-adjusted returns.
Banks was a professor for real estate in the MBA Program at Emory’s Goizueta Business School for 14 years, and taught in the MBA and PhD programs at Georgia State University’s J. Mack Robinson College of Business. He was also on the staff at The University of Texas at Austin.
Banks currently serves as a founding advisor for HelloPackage, serves on the Advisory Board of the Children’s Museum of Atlanta following his role as Chairman of the Board, and sits on the Board of Directors of Open Doors. He previously served on the Board of Directors for the Private Bank of Buckhead; as Chairman of BlueTrend, a software firm acquired by Real Page; Chairman of the Georgia Council for International Visitors; Chairman of the NFL Youth Education Town; and on the Board of the Boys and Girls Clubs of Atlanta.
ABOUT SONGY HIGHROADS (SHR)
Songy Highroads (SHR) is a privately held real estate development and investment firm that was formed by longtime business partners David B. Songy, Todd W. Nocerini and Perry M. Waughtal. With more than a century of collective experience, the trio specialize in acquiring and developing institutional quality hospitality properties and other commercial real estate as well as multifamily communities through a wholly-owned subsidiary, SHR Residential. Headquartered in Atlanta, SHR has developed properties across the Southeastern United States, Louisiana, Texas and Washington, D.C. SHR has the confidence of private investors, family offices and institutional investors including The Carlyle Group, Hyatt Hotels, Elliott Capital Management, Profimex, Goldman Sachs, Sharpvue Capital, and Alex Brown Realty a with lending from sources including Bank of America, Deutsche Bank, MetLife, Amegy Bank, Citizens Bank, HSBC, Ramsfield and BBVA Compass Bank. Learn more at songyhighroads.com
Mary Jane Credeur of The Credeur Group
404 317 2718
mj [@] credeurgroup.com