ATLANTA— The Reserve at Gwinnett, a 370-unit apartment property located in Norcross, GA, has traded hands. The sale price: $51 million.
Mike Kemether, Josh Goldfarb and Travis Presnell of Cushman & Wakefield represented the seller, Duck Pond Realty Management LLC. Broadtree Residential acquired the multifamily property.
“Gwinnett County has really come a long way in terms of its standing in the multifamily investment world,” Kemether tells GlobeSt.com. “While North Fulton still gets the nod as the market where other suburban markets are measured, Gwinnett now garners the same cache that Cobb County receives over on the northwest side of town.”
Built in 1999, The Reserve at Gwinnett offers a superior physical product in the submarket. The multifamily property offers hardiplank with stacked stone accents and large floor plans. A new fitness center, attached and detached garages, car care center, controlled access gates with video, dog park, swimming pool, and two lighted tennis courts are among the amenities.
“With Gwinnett boasting a pro-business government, improving transportation infrastructure, a population of well over 1 million people, and minimal new multifamily development activity, The Reserve at Gwinnett will continue to perform well as one of the newest and nicest properties in the area,” Kemether. “And given some of the exciting initiatives along the Interstate 85 corridor, Gwinnett may have more future upside than the other Atlanta suburbs.”
(Steadfast recently made a $35 million multifamily strike in Lawrenceville.)