InterCapital Group has acquired the 230-unit Villas at West Ridge near Atlanta. The seller, Adams LaSalle Realty, landed $27.3 million for the asset, according to Douglas County records. InterCapital funded the acquisition with a 10-year, $22.9 million Fannie Mae loan originated by Greystone. Adams LaSalle had picked up the asset in 2013 for $17.6 million from GFI Capital Resources Group, according to Yardi Matrix. Cushman & Wakefield represented the seller.
Located at 7850 Lee Road in Lithia Springs, Ga., the nine-building community is situated on 36.3 acres just south of the Tom Murphy Freeway, enabling direct access to downtown Atlanta. The 2,500-acre Sweetwater Creek State Park is located across from the property on Lee Road, and a Publix-anchored community retail center is also nearby.
Built in 2002, the community’s one-, two- and three-bedroom units were 97.8 percent leased, according to Yardi Matrix data from March 2018. Apartments range in size from 880 to 1,479 square feet. Residents have access to 510 parking spaces and can rent garages for an additional monthly fee. On-site amenities include:
- outdoor swimming pool
- laundry facilities
- fitness center
- business center
“Atlanta’s west side, particularly the western suburbs, are attracting both residents and investors,” said Cushman & Wakefield Senior Director Nathan Swenson, who represented the seller in the transaction, in a prepared statement. “Residents are drawn to quality of life, easier commutes and expanding employment centers all along Atlanta’s western flank, and investors are looking to capitalize on these demand factors, reinforced by limited new supply of multifamily coupled with a near inability to build new multifamily.”