CBRE sells four-property portfolio of suburban Atlanta apartment complexes
11 Nov 2020
Atlanta’s above average rent growth continues to attract investors
Atlanta – November 11, 2020 – CBRE has sold a portfolio of four suburban Atlanta apartment complexes totaling 1,824 units. The properties include Deerfield Village in Alpharetta; Roswell Village in Roswell; Briarcliff Apartments along Atlanta’s North Druid Hills corridor; and Gwinnett Pointe in Norcross.
Ashish Cholia, Malcolm McComb, Colleen Hendrix, Shea Campbell and Don Hoffman of CBRE represented the seller, San Diego, Calif.-based Strata Equity Group. The buyer is Chicago-based investment and property management company Waterton.
“Atlanta continues to see an inflow of capital as investors continue to scour markets with above-average rent growth,” said Mr. Cholia, Senior Vice President with CBRE Southeast Multifamily. “Strong submarket-level fundamentals, along with value-add upside, are what made this portfolio very compelling to the buyer, Waterton.”
All four assets are located along metro Atlanta’s northern arc, straddling either GA-400 or I-85 in highly sought-after markets.
Deerfield Village, located at 13085 Morris Road in Alpharetta, sits in an affluent market with excellent schools and a bustling tech community. Built it 2001, it features 554 units.
Roswell Village is located at 100 Hemingway Lane in Roswell, offering convenient commutes to Alpharetta to the north and Central Perimeter to the south. Completed in the mid-1990s, it includes 668 units.
Briarcliff Apartments is located at 7000 Briarcliff Gables Circle NE in Atlanta. The property was built in 1989 and features 220 units. It sits near billion-dollar hospital projects along North Druid Hills Road, including new campuses for Children’s Healthcare of Atlanta and Emory University.
Gwinnett Pointe is at 1300 Beaver Ruin Road in Norcross, which offers access to Atlanta’s largest industrial and logistics submarket. It was completed in 2000 and has 382 units.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.