LILBURN, GA-A private investment firm has acquired the 280-unit Park Crossing apartment complex at 2700 Park Crossing Way for $16.6 million. New York-based Sterling American Property Inc. was the seller.
Built in 1985, the property sits on 21.54 acres and has amenities, including a clubhouse, pool, tennis courts and fitness center. It is located 30 minutes outside of Atlanta in Gwinnett County, a growing area.
The transaction was brokered by Stephen Griffin, Nathan Swenson and Larry Orr, of Cushman & Wakefield Apartment Brokerage Services. "The buyer owns several properties in the Atlanta area and is looking to build a portfolio," Sterling American senior vice president Mel Mayers tells GlobeSt.com.
Sterling American acquired the property in 2002 and invested in major capital improvements throughout the property, including new roofs and the renovation of the club house, says. "Our typical hold period is around five years," Mayers says. "We had completed the improvements to the property so it was time to sell."
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