Resolute Continues to Build Out Portfolio with Sandy Springs Deal
Resolute was formed in 2018 with a long-term investment strategy in multifamily real estate.
SANDY SPRINGS, GA—Denver-based Resolute Real Estate has purchased The Reserve at Ridgewood, a 269-unit, garden-style community in this north Atlanta suburb. The purchase price was not disclosed. JLL arranged $36 million in acquisition funding.
JLL worked on behalf of Resolute to place the 12-year, fixed-rate loan with three years of interest-only payments with a correspondent lender. Resolute was formed in 2018 with a long-term investment strategy in multifamily real estate, according to the company.
Greg Litvak, principal with Resolute, tells GlobeSt.com that the complex was built in 1982, but has little deferred maintenance needed. However, he says there is room for interior improvements.
“There is definitely room to move rents by improving the units,” he says. “Sandy Springs in general has a limited new supply coming online.”
The Reserve at Ridgewood consists of one-, two- and three-bedroom apartments ranging from 854 to 1,530 square feet. All homes feature stainless steel appliances, full-size washers and dryers, screened-in patios and balconies and wood burning fireplaces. Community amenities include a resort-style pool, expansive sundeck with cabanas, tennis court, playgrounds and a 24-hour fitness center that extends into an outdoor fitness area. The Reserve at Ridgewood is located at 7100 Roswell Road approximately 15 minutes north of downtown Atlanta near the shoreline of the Chattahoochee River. The property is 94% occupied.
The JLL Capital Markets team representing the borrower was led by Senior Director Kristian Lichtenfels, Senior Managing Director Eric Tupler and Director Ware Shipman.
“Sandy Springs is located in a really desirable high-growth submarket with great schools and solid household. Incomes,” Litvak says. “We like the market dynamics of it.”
Litvak says Resolute is a relatively new company and has bought about $120 million of property over the last 14 months.
“We’ve been very active, but we are sort of building our footprint,” he says.