Triple Net Takes 276-Unit Apartment Building

(Read more on the multifamily market.)

LITHONIA, GA-Santa Ana, CA-based Triple Net Properties has added to its Georgia portfolio with the acquisition of the 276-unit Retreat at Stonecrest apartment community at 40 Amanda Dr. on behalf of tenant-in-common investors. The seller of the property was Columbia, MO-based Jeffrey E. Smith Cos. Financing was provided by Wachovia Bank, National Association. The acquisition price was not released.

The property is comprised of 10 buildings with approximately 288,000 sf on 15 acres. The average unit size is 1,044 sf with complex amenities including a swimming pool, fitness center, playground and business center. The property, which is 96% occupied, has access to Interstate 20, Covington Highway and Klondike Road.

“The property is located in a high-growth area of Cobb County,” Triple Net senior vice president of acquisitions, apartment properties Gus Remppies tells GlobeSt.com. “It’s in close proximity to the Mall at Stonecrest which has been a tremendous driver of retail, office and residential development.”

Constructed in 2002, the property is in good condition. “This is not a value-add play. The property is well-positioned in the marketplace,” Remppies says. “Our objectives are to maintain the property and occupancy at a high level and begin to increase rents.”

In recent months, Triple Net has also acquired the 200-unit Century Hills apartment community in Augusta on behalf of tenant-in-common investors. Built in 2000, the 221,000-sf property sits on 17 acres with eight residential buildings and another building that houses the leasing center and clubhouse.