QR Capital Snaps Up Atlanta Multifamily Duo

ATLANTA-CBRE is on a multifamily roll in Atlanta as the market continues a cautious recovery. The firm just brokered the sales of Concord Village Apartments in Peachtree City and Gwinnett Station Apartments in Tucker. Concord Village sold for $9 million while Gwinnett Station sold for $6.75 million.

Brad Simmel and Shea Campbell of CBRE's Atlanta Multi-Housing Group brokered the transactions on behalf of a private owner. QR Capital of Atlanta snapped up both properties.

“The properties were both owned by the same seller and the purchaser’s offer was more attractive than others when the two communities were combined,” Simmel tells GlobeSt.com. “Primarily the attraction was due to the scarcity of product offerings in the Peachtree City market. The city has not been inclined to permit new construction and existing communities are in high demand.”

Completed in 1995, Concord Village is a 180-unit community located on Peachtree Parkway, central to the Peachtree City business and retail district in Fayette County. The apartment complex features extremely large residential units in brick and vinyl sided buildings. Also completed in 1995, Gwinnett Station is a similarly constructed, 180-unit community located on Old Norcross Tucker Road in Gwinnett County. Both communities were developed as part of an effort to bring quality, affordable housing to lower income families in these communities.

“We had 17 written offers even given some of the complexity of the transaction,” Simmel says. “Arranging financing for Atlanta communities remains the largest challenge. Rent growth and occupancy, particularly for well-located and maintained assets, has been very strong, but lenders have remained largely cautious.”