ECI Group Sells 2 Georgia Assets for $125M
The company sold the properties in 1031 exchange deals.
ECI Group has sold the 270-unit Columns at Sweetwater Creek in Lithia Springs, Ga., and the 304-unit Columns at Peachtree Corners in Norcross, Ga., for a total of $124.8 million. NorthMarq and CBRE represented the seller in the 1031 exchange deals.
Due to market conditions in 2021, ECI Group sold several assets after decades of ownership in exchange for new properties with similar yields but less long-term operational and capital risks, according to prepared remarks from ECI Chief Acquisitions Officer Scott Levitt. The current sales helped the company to acquire Makara Orlando Apartments, a 228-unit community in Orlando.
The Columns at Sweetwater Creek is located at 100 Columns Drive, some 18 miles west of downtown Atlanta. The property offers one- to three-bedroom floorplans, ranging from 801 to 1,406 square feet, according to Yardi Matrix data. Each unit features a patio or balcony. Community amenities include a fitness center, business center, clubhouse, pool and playground.
Located at 3400 Peachtree Corners Circle, the Columns at Peachtree Corners is within the I-85 Industrial Corridor, some 19 miles northeast of downtown Atlanta. The property has studios and one- to three-bedroom apartments, ranging from 560 to 1,310 square feet. Fireplaces are available in select units. Community amenities include a fitness center, tennis court, pool, playground and a total of 600 parking spaces.
NorthMarq’s Managing Director Jason Nettles and Senior Vice President Megan Thompson arranged the sale of the Columns at Sweetwater Creek, while CBRE’s Vice Chairman Kevin Geiger brokered the transaction of the Columns at Peachtree Corners.
Active in other southern markets as well, last summer, ECI Group acquired Mosaic at Oak Creek Apartments, a 237-unit community in Bonita Springs, Fla., for $66.5 million.