ATLANTA, GA – Chandler Residential has acquired the 500-unit, Colton Creek apartment community in McDonough, GA from Fairfield McDonough LLC in an $80 million transaction.
The sale, representing $160,000 per unit, serves as Chandler Residential's third Atlanta-area acquisition within the past 18 months.
Cushman & Wakefield's Mike Kemether, Alex Brown, Travis Presnell and Robert Stickel represented the seller, Fairfield McDonough and arranged the sale.
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"Henry County's strategic location serving Atlanta with access to the Port of Savannah has created an unrivaled e-commerce and e-industrial corridor," Kemether states. "Henry County has been a leader in both population and household income growth when compared to other counties in the Atlanta MSA. Chandler Residential is poised to be the beneficiary of this rising tide with the purchase of Colton Creek."
The asset is located near the Interstate 75 industrial and e-commerce corridor, which has experienced 27.5 million square feet of newly delivered or currently under construction industrial space, since 2018. The corridor is expected to create more than 35,000 jobs.
"When Fairfield acquired this asset in 2017, they were on the forefront of McDonough's growth," Brown says. "During the course of their ownership, this area has been one of the best performing submarkets in Atlanta. The strong industrial employment base and limited deliveries during the past 15 years should drive continued growth for Chandler Residential."
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Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
