Atlanta Apartment Community Sells for $142,000 Per Unit
Cushman & Wakefield’s Southeast Multifamily Advisory Group has arranged the $43.5 million sale of Ansley at Princeton Lakes in Atlanta for $142,000 per unit. Alex Brown and Mike Kemether of Cushman & Wakefield represented the seller, PRP Real Estate Investment, in the transaction. Steadfast Apartment REIT IIIacquired the property.
“This was an excellent opportunity for a prominent national buyer to geographically diversify itsAtlanta portfolio in this high-growth, Airport-driven submarket,” Brown said. “Steadfast, whose Atlanta holdings are concentrated in the Northern Suburbs, saw value in the opportunity to capitalize on one of the top-performing industrial markets in the country and Hartsfield-Jackson’s dynamic growth trajectory.”
The 306-unit property, built in 2009, is located in Atlanta’s niche Class A airport pocket, close to the 1.2 million-square-foot Camp Creek Marketplace. Amenities include a resort-style pool, an outdoor fireplace and a clubhouse with a theater.
Cushman & Wakefield’s Southeast Multifamily Advisory Group is the most active firm in the region, with the No. 1 market share based on transactions reported to CoStar. The group has closed $2.5 billion in sales volume in 2017, totaling over 150 deals and more than 30,000 units. On average, the team has experienced 63 percent sales growth within the last five years. For more information about Cushman & Wakefield’s Southeast Multifamily Advisory Group, visit https://multifamily.cushwake.com.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. 2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients’ ideas and putting them into action. To learn more, visit www.cushwakecentennial.com, www.cushmanwakefield.com or follow @CushWake on Twitter.