Georgia Apartment Community Sells for $28M

Cushman & Wakefield’s Robert Stickel worked on behalf of the seller, H. Katz Capital Group Inc., in the disposition of the property.

By Timea Papp

Riverstone in Macon, Ga.

Riverstone in Macon, Ga.

Cushman & Wakefield arranged the sale of Riverstone, a 220-unit apartment community in Macon, Ga. Kole Management Co. acquired the property in a $27.5 million deal from Southampton-based H. Katz Capital Group Inc.

Appealing amenity package

Located at 3990 Riverside Park Blvd., the residential community was completed in 2012 and features one-, two- and three-bedroom apartments. Amenities at the property include a resort-style swimming pool, fitness center, clubhouse, business center and a playground. Riverstone was 95 percent occupied at the time of the sale.

Executive Managing Director Robert Stickel of Cushman & Wakefield’s Southeast multifamily advisory group represented the seller in the transaction. Riverside is situated at the crossroads of Interstates 75 and 16, less than a mile from the city’s premier lifestyle center, The Shoppes at River Crossing. “Riverstone is a top-tier asset with an outstanding amenity package and convenient access to premier job centers throughout central Georgia,” Stickel said, in a prepared statement.

Image courtesy of Cushman & Wakefield

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