CBRE, Inc. announced the recent sale of a two-property portfolio totaling 490 units in South Suburban Atlanta. CBRE’s Shea Campbell,  Kevin Geiger and Ashish Cholia of the Southeast Multifamily Group exclusively represented the seller, TIC Properties Management, while Richard Jordan and Matt Forgione of the Debt and Structured Finance team provided the loan. 

Carrington Ridge and The Retreat at Eagles Landing are both located at 900 Rock Quarry Road in Stockbridge, Georgia. As the apartment buildings are next door to each other, the portfolio will allow the buyer, locally-based Mesa Capital Partners, to provide multifamily options in a supply-constrained market while operating an efficient business plan.

“A lack of new deliveries within a three-mile radius has created a supply constraint in this improving submarket, with demand drivers stemming from Piedmont Henry Hospital and the additional 1.3 million square feet of medical office in the immediate area,” said Shea Campbell, Senior Vice President. “This purchase provides ownership an excellent investment opportunity primed for value-add upgrades that forecast strong rent growth.”

With a well-balanced mix of floorplans at each location, the properties will undergo modest renovations including upgrades to the appliances, countertops and community amenities.

·       Carrington Ridge is a unique property due in part to its large units averaging 1,100 sq. ft. and nine-foot ceilings. It's positioning along a high-traffic point and one mile from I-75 ensures a robust amount of activity.

·       The Retreat at Eagles Landing has experienced an excellent performance trend at 94% occupancy. The property averages 1,200 sq. ft. floors plans, complete with washer/dryer hookups, and community amenities that include a resort-style pool and an ample supply parking, all within access to several retail shopping centers.

As the properties are in a market that has been underserved, with significant employment drivers, multifamily communities in the immediate area with value-add potential, have continued to remain incredibly appealing to buyers.

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.

About TIC Properties Management, LLC

TIC Properties Management, LLC (TICPM) is a full service real estate management company specializing in asset and property management of tenant in common, partnership, and investment fund owned properties. Having experienced several real estate cycles, CPM's team of industry veterans specialize in the refinancing, leasing and disposition of properties. Our focus is the preservation of capital, increasing the value of the property and providing current income from those investments. To find out more, please visit www.ticpropertiesmanagement.com