Bridge Investment Group has acquired The Grandstand, a 680-unit community in Marietta, Ga., from Castlegate Properties. The seller purchased the Class B asset for $49.3 million from Collins Group in February 2016, according to Yardi Matrix.
Located at 3500 Windcliff Drive S.E., the garden-style community’s 34 buildings are positioned in the Cumberland/Galleria submarket, 15 miles from downtown Atlanta via Interstate 75. Walmart, Kroger and Publix operate major stores within a 1 mile radius of the property, with a number of retail centers nearby.
Constructed in 1986, the asset contains a mix of one-, two- and three-bedroom units, with floorplans ranging from 650 to 1,008 square feet. Community amenities include a newly renovated business center, a fitness center, tennis courts, two swimming pools, laundry facilities and a pet park.
CBRE’s Shea Campbell worked on behalf of Castlegate Properties in the transaction. In late 2017, Campbell represented Starwood Capital Group in the disposition of a 492-unit community in East Point, Ga.
“The Grandstand offers new ownership tremendous headroom given the significant rent spreads achieved by nearby, fully renovated communities,” said Campbell, senior vice president at CBRE, in a prepared statement. “The Cumberland/Galleria area is deep into its transformation from what was once a stable, suburban office submarket into a vibrant, infill, live-work-play destination with the SunTrust Park and The Battery as major catalysts.”
Image courtesy of Yardi Matrix