ATLANTA—PEM Real Estate Group has purchased the Adrian on Riverside apartment community here, adding to its multifamily portfolio in the Southeastern United States.
The acquisition of the 224-unit apartment community by Scottsdale, AZ-based PEM Real Estate was announced by Multi Housing Advisors, which arranged the $21.15-million sale from seller Adrian Park, LLC. Robert Stickel of MHA's Atlanta office represented the seller in the deal.
Adrian on Riverside at 5243 Riverside Drive was built in 2004 and 2009, and was 95% occupied at the time of the sale. Amenities include a putting green, theater with surround sound, playground, covered car wash center, fitness center, billiard room, and a pool with a large sundeck and picnic pavilion.
MHA's Stickel says of the deal, “Strong and steady economic growth throughout Georgia continues to drive demand for quality apartment communities, especially properties that are appealing to debt and equity capital sources, while also providing compelling value-add opportunities.”
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
