Preferred Equity Investment in a 188-Unit Multifamily Acquisition in Covington, Georgia

February 18, 2026-Murphy PC represented a Boston-based preferred equity investor who partnered with a sponsor in the acquisition of a 188-unit apartment community on 16.78 acres in Covington, Georgia. The transaction included the assignment and assumption of an existing Fannie Mae loan.

Murphy PC negotiated and advised on the joint venture operating agreement, advised on the Fannie Mae loan assumption documents, and guided our client through property due diligence.

The property, completed in 2001, consists of 14 residential buildings ranging from two to three stories, along with a leasing office, amenity building, self-storage building, mail center, and two detached garage buildings. The community features one-, two-, and three-bedroom floor plans ranging from 794 to 1,365 square feet, with amenities including a fitness center, sports court, pool, children’s playground, grilling area, laundry facilities, billiards room, self-storage units, detached garages, and controlled access. The property includes 361 surface and garage parking spaces.

Covington sits 35 miles east of Atlanta along I-20 in Newton County, which is one of the fastest-growing counties in Georgia. Major employers including Archer Aviation, Rivian, and Absolics are bringing thousands of jobs to the area. More people need more places to live. This 188-unit community provides quality housing in a market where rents remain well below the national average and demand for workforce housing is growing.

Our client manages a preferred equity fund that has deployed over $100M across 60 projects with sponsors and developers.

Murphy PC is a Boston-based law firm focusing on real estate and business transactions. We counsel developers, sponsors, owners, investors, lenders, tenants, nonprofits, and partnerships in joint ventures, project development, acquisitions and dispositions, financing, leasing, construction, and title insurance across all property types.