CBRE today announced the sale of Aspire Dunwoody, a premier multifamily development in Central Perimeter. CBRE’s Kevin Geiger led the transaction, along with his partners Malcolm McComb, Paul Berry and Shea Campbell of the firm’s Southeast Multifamily Group. The CBRE group represented the seller, Lincoln Property Company.
Affiliates of Harbor Group International acquired the asset at 7150 Peachtree Dunwoody Road adding to their current portfolio in Georgia that includes Preserve at Mill Creek, Avia East Cobb and Avia Riverside.
With more than 500 residential units, Aspire Dunwoody is contiguous to the MARTA rail line and is in the center of the attractive and prestigious Central Perimeter submarket. As several high-profile corporations, such as State Farm and Mercedes-Benz have recently chosen to locate their offices in Dunwoody and neighboring cities, top multifamily assets are in high demand to accommodate the growth of talent. The popularity of the robust area puts Aspire Dunwoody in the position to experience lease-over-lease gains and organic rent growth.
Prior to the sale, Lincoln Property Company invested more than $6.3 million toward renovation and capital improvements, including granite countertops, stainless steel appliances and new lighting fixtures. Additional upgrades in common areas included tennis courts, exterior repairs, fitness and yoga studios and furniture replacements, among other improvements.
“Aspire Dunwoody really is in the epicenter of economic activity,” said Kevin Geiger, CBRE Vice Chairman. “The property is in Atlanta’s largest employment center with more than 123,000 employees, as well as three major hospitals, public transportation access and top school districts. It also offers unique amenities like an urban vegetable garden and scenic green paths.”
Per the CBRE 2017 Investor Intentions Survey, Atlanta is among the top 5 target markets investors are focusing on in 2017.
Harbor Group International, LLC (“HGI”) is a private real estate investment and management firm which controls a portfolio of worldwide assets valued in excess of $4.7 billion. HGI is headquartered in Norfolk, Virginia with offices in New York and Tel Aviv. The company’s real estate holdings include approximately 4.7 million square feet of commercial properties and in excess of 22,000 apartment units. For additional information, please visit www.harborgroupint.com.
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.
