InterCapital Group Acquires Atlanta Asset from ECI
The seller developed the property, which went online in 1996.
The Columns at Paxton Lane in Lilburn, Ga. Image courtesy of ECI Group
Atlanta-based ECI Group has sold The Columns at Paxton Lane, a 296-unit multifamily community in Lilburn, Ga., to InterCapital Group.
Mike Kemether, James Wilber and Megan Turner of Cushman & Wakefield represented the seller in the transaction. The purchase price could not be learned.
ECI has owned and managed the property at 4305 Paxton Lane since developing it in 1996. ECI CEO Seth Greenberg, in a prepared statement, said that the company had successfully executed the business plan for the property and now intends to reinvest the sale proceeds into a newer multifamily asset. This will be the sixth time in the past two years that ECI has followed that strategy. The company owns a portfolio totaling more than 7,500 units throughout the Southeast and Texas.
The community has one-, two- and three-bedroom floorplans and units featuring walk-in closets, in-unit washers and dryers and high-speed internet access. Community amenities include a swimming pool with cabana area, clubhouse, fitness center, playground, picnic area, lighted tennis courts, internet café, central mail kiosk and dog park. Some units have access to detached garages.
Situated in southeast Gwinnett County, The Columns at Paxton Lane is located in one of Atlanta’s fastest-growing suburbs. The property has benefitted from the addition of Gwinnett County employers, including the Piedmont Eastside Medical Center, the Sugarloaf Corporate District, Tucker Office Core, a 700,000-square-foot Amazon Fulfillment Center and major industrial parks in the Interstate 85 and 285 corridors. The property is near three shopping centers and five parks, including Yellow River Game Ranch, DeShong Park and South Gwinnett Park. It is about 35 minutes from Atlanta and less than an hour from Hartsfield-Jackson Atlanta International Airport.
In October, ECI sold The Columns at Vinings, a 320-unit community in Atlanta built in 1985, to Investors Management Group for $71.5 million, according to Yardi Matrix data. ECI executives said at the time that the sale would allow for a 1031 exchange for a newer South Carolina community built in 2017. The company used the same strategy to sell two of its Georgia assets for $125 million in 2022.
