Cushman & Wakefield’s Southeast Multifamily Advisory Group has arranged a $76.5 million sale of a three-property portfolio located in Northeast Atlanta. Mike Kemether and Tyler Averitt of Cushman & Wakefield represented the seller, Audubon Communities, in the transaction.
“These properties were our first post-recession acquisitions in Atlanta, and each required a multi-million-dollar investment to renovate and reposition them” said Christopher Edwards, Managing Director, Audubon Communities. “After owning them for six years, it was a difficult decision to sell the portfolio, but the timing was right to move on. We’re confident the new owners will also have great success with these properties.”
The properties included in the sale are:
- Bella, a 318-unit community built in 1972. Sabra Property Management acquired the property.
- Center at Peachtree Corners, a 272-unit community built in 1972. Hathaway Development LLC acquired the property.
- Summit at Dawson, a 162-unit community built in 1983. Zavala Properties acquired the property.
“Located in the path of one of Atlanta’s fastest growing job-growth corridors, the Northeast Atlanta portfolio will benefit from this area’s strengthening demographics,” Averitt said. “With nearly $30,000 per unit spent on these assets in the past four years, they are not only pristine, they are also well below current replacement cost.”
The communities in the Northeast Atlanta portfolio are fully-amenitized featuring oversized floor plans. The properties’ locations are poised for significant appreciation as both population and employment growth in the Northeast Corridor are projected to outpace the rest of Metro Atlanta through 2030.
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 $2.4 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 Audubon Communities
Audubon Communities is an Atlanta-based firm that specializes in the acquisition and management of multifamily properties throughout the Southeastern region of the United States. With a senior staff that has collectively acquired, managed and renovated more than 30,000 apartment units, Audubon has a wide range of experience and expertise in repositioning multifamily assets. For more information, please visit http://www.acmapts.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.