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ATLANTA-Redwood Capital Partners has made its first multifamily acquisition in the market, buying the 300-unit Collier Ridge Apartments near Interstate 75 from Equity Residential Properties Trust. The sale price was $33.2 million or $110,667 per unit, according to Databank Inc., and the new owner plans an additional $3.6 million worth of renovations.

Chicago-based Redwood bought the Buckhead area property in partnership with MetLife Real Estate and plans to retain it as rental housing. Collier Ridge marks the firm’s fifth purchase in the last six months, says David Carlson, Redwood managing principal.

Carlson, who worked with fellow Redwood principal Mark Isaacson on the acquisition, says he believes Collier Ridge is in a solid location to increase tenancy and command higher rents. The 39-acre complex, well inside the Interstate 285 perimeter in Fulton County, was built in 1980 and offers two- and three-bedroom units averaging 1,420 sf with monthly rents averaging $990 per unit.

“The demand for intown housing has exploded in recent years,” Carlson tells GlobeSt.com. Efforts by Atlanta residents to avoid traffic congestion and shorten work commutes should made Collier Ridge an attractive option for residential renters, he says, adding that the planned renovations should allow Redwood to increase apartment rents there between $100 and $125 for each unit.

Collier Ridge, at Defoors Ferry Road and Noble Creek Drive, is convenient to Midtown Atlanta and other popular parts of the city. Amenities at the complex include a swimming pool and sundeck, clubhouse and tennis courts, with select units featuring fireplaces, vaulted ceilings and screened porches.

Redwood was founded last year by Carlson and Isaacson and focuses its investments on value-add multifamily properties in urban and suburban markets. Carlson notes that the firm is seeking more acquisition opportunities in the Atlanta metropolitan area.

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