ATLANTA—A two-property portfolio totaling 490 multifamily units in South Suburban Atlanta has traded hands. The sale price: $47 million.
CBRE's Shea Campbell, Kevin Geiger and Ashish Cholia of the Southeast Multifamily Group represented the seller, TIC Properties Management. Richard Jordan and Matt Forgione of the Debt and Structured Finance team provided the loan.
Carrington Ridge and The Retreat at Eagles Landing are located at 900 Rock Quarry Road in Stockbridge, GA. As the multifamily buildings are next door to each other, the portfolio will allow the buyer, Mesa Capital Partners, to provide multifamily options in a supply-constrained market while operating an efficient business plan.
“A lack of new deliveries within a three-mile radius has created a supply constraint in this improving submarket, with demand drivers stemming from Piedmont Henry Hospital and the additional 1.3 million square feet of medical office in the immediate area,” Campbell, senior vice president at CBRE tells GlobeSt.com. “This purchase provides ownership an excellent investment opportunity primed for value-add upgrades that forecast strong rent growth.”
Carrington Ridge's multifamily units large average 1,100 square feet with nine-foot ceilings. The multifamily asset sits along a high-traffic point and one mile from Interstate 75.
The Retreat at Eagles Landing is 94% occupied. The multifamily property averages 1,200 square feet floors plans, with washer and dryer hookups.
(What's driving the demand for better apartment living in Atlanta? Get one perspective here.)
According to CBRE, the properties are in a market that has been underserved. With strong employment drivers, multifamily communities in the immediate area with value-add potential, have continued to remain incredibly appealing to buyers.
ATLANTA—A two-property portfolio totaling 490 multifamily units in South Suburban Atlanta has traded hands. The sale price: $47 million.
CBRE's Shea Campbell, Kevin Geiger and Ashish Cholia of the Southeast Multifamily Group represented the seller, TIC Properties Management. Richard Jordan and Matt Forgione of the Debt and Structured Finance team provided the loan.
Carrington Ridge and The Retreat at Eagles Landing are located at 900 Rock Quarry Road in Stockbridge, GA. As the multifamily buildings are next door to each other, the portfolio will allow the buyer, Mesa Capital Partners, to provide multifamily options in a supply-constrained market while operating an efficient business plan.
“A lack of new deliveries within a three-mile radius has created a supply constraint in this improving submarket, with demand drivers stemming from Piedmont Henry Hospital and the additional 1.3 million square feet of medical office in the immediate area,” Campbell, senior vice president at CBRE tells GlobeSt.com. “This purchase provides ownership an excellent investment opportunity primed for value-add upgrades that forecast strong rent growth.”
Carrington Ridge's multifamily units large average 1,100 square feet with nine-foot ceilings. The multifamily asset sits along a high-traffic point and one mile from Interstate 75.
The Retreat at Eagles Landing is 94% occupied. The multifamily property averages 1,200 square feet floors plans, with washer and dryer hookups.
(What's driving the demand for better apartment living in Atlanta? Get one perspective here.)
According to CBRE, the properties are in a market that has been underserved. With strong employment drivers, multifamily communities in the immediate area with value-add potential, have continued to remain incredibly appealing to buyers.
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