Cushman & Wakefield’s Southeast Multifamily Advisory Group has arranged the $55.35 million sale of Sienna Heights and Hickory Grove, two apartment communities located in Norcross, Georgia. Tyler Averitt and Robbie O’Bryan of Cushman & Wakefield represented the seller, Schorr Investments, in the transaction. Comunidad Realty Partners acquired the properties.
“Sienna Heights and Hickory Grove are two great, value-add assets in the ever-growing I-85 corridor,” O’Bryan said. “This was Comunidad's first acquisition in Atlanta, so their ability to gain immediate scale and efficiencies in one submarket was important. In addition, they can continue capitalizing on the renovation program that has already been proven by the seller.”
The 386-unit Sienna Heights, built in 1972, sold for $32.17 million, and the 301-unit Hickory Grove, built in 1979, sold for $23.17 million.The well-located assets are proximate to northeast metro Atlanta’s burgeoning I-85 corridor and influential developments underway at the Doraville Assembly and the Atlanta Media Campus site at I-85 and Jimmy Carter Boulevard.
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 $3.2 billion in sales volume in 2017, totaling over 185 deals and more than 37,000 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.