Broadtree Residential, which is a part of Broadstone, has acquired Stone Ridge at Vinings, a 440-unit community in Atlanta, for $58.3 million. The seller was Florida-based Ventron Management, which owns properties in Florida and Georgia.
The community, which is at 3000 Cumberland Dr. just inside I-285 (which loops around Atlanta), was developed in the 1970s and comprises 49 buildings on over 30 acres. It is in the northwest part of the metro area, in a relatively affulent enclave, and near the Cumberland Mall.
Stone Ridge at Vinings offers studios, as well as one-, two- and three-bedroom units.
Common amenities at the property include a business center, a clubhouse, a fitness center and tennis courts. Some of the units include patios or balconies, sunrooms and fire places.
Institutional capital remains focused on multifamily investments in the area inside I-285, where thousands of units will come online this year, Marcus & Millichap reported recently. Along with the influx of new units, demand for apartments in metro Atlanta remains strong as well, with the likes financial services, technology, telecom and film propelling Atlanta’s job growth rate above the national pace.
“We were confident that the vintage property would attract a lot of interest due to its attractive amenities and the price per square foot compared to costs for new construction,” said Greystone Brown Real Estate Advisors president Bo Brown. Along with Brown, colleagues Barden Brown, Cory Caroline Sams, Taylor Brown, and Chandler Brown advised both the seller and the Rochester, NY-based buyer in the deal.