CBRE Group Inc. announced the sale of Archer on North Apartments at 210 Spring Court in Athens, Georgia. Archer On North, LLC, sold the 140-unit multifamily community to QR Capital, a real estate investment company based in Atlanta, Georgia. CBRE’s Brad Simmel exclusively represented the seller in this transaction.
Built in 1984, the property was extensively renovated in 2012. Upgrades to the one-bedroom units included maple cabinetry, new countertops, and black electric appliances. Enhancements to the on-site amenities include the new clubhouse, outdoor pool and a high-quality fitness center. With a large contingency of graduate and undergraduate students, the updates provide a unique living situation improving on the dormitory lifestyle.
“Archer on North’s outstanding location and attractive layouts offers exceptional benefits to the tenants as well as ownership,” said Brad Simmel, Senior Vice President of CBRE’s Debt & Structured Finance team. “Currently 98% occupied, the units are leased on an academic year basis from August-July. On schedule to be fully leased in 2017-18, provided QR Capital with the advantage of an in-place income at the time of acquisition.”
Like most universities, the University of Georgia can only house a fraction of its enrollment, creating an outstanding opportunity for multi-housing communities to provide a variety of options to the remaining students. With its moderately priced residences, access to major employers throughout the area, and combination of restaurants, shopping, retail and a nightlife scene in downtown Athens, Archer on North stands out as an excellent option and prime spot for renters.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated 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.
