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
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