PEACHTREE CITY, GA—Croatan Investments and Brightman & Gil REIM have sold Park Place, a 198-unit apartment community in Peachtree City, GA to a private California-based investment group. Nathan Swenson and Josh Goldfarb of Cushman & Wakefield represented the sellers in the transaction.
“Park Place provides a rare opportunity to own in one of metro Atlanta’s most exclusive and high-barrier suburbs,” Swenson says. “Peachtree City’s affluent demographics, top-tier schools and limited multifamily inventory were very attractive to the buyer for achieving both near and long-term investment objectives.”
Park Place, built in 1988, is in one of Georgia’s wealthiest cities, in an area consistently ranked among the top in the country for quality of life and school system excellence. According to its website, the community features a resort-class swimming pool with sundeck; a state-of-the-art fitness center; golf cart charging stations; an outdoor pavilion with grilling stations and fire pits; nature walking trails; and a playground. The property is about a half mile from Peachtree City Scenic Lakes, a fishing and picnic area, and offers access to Peachtree Crossing Shopping Center, Fresh Market, Big Daddy’s Oyster Bar & Pub, Chick-fil-A, Walgreens, and Georgia Shrimp Co.
Cushman & Wakefield’s Southeast Multifamily Advisory Group is the most active firm in the region. In 2017, the group closed $4.8 billion in sales volume through 268 deals and more than 55,000 units.