LRE Closes $102M Atlanta Acquisition

LRE Management has acquired a three-property, 778-unit community portfolio located in Atlanta, Ga., for $102 million. Separately, the company inked top-10 world-ranked PGA Tour golf professional Patrick Cantley as an advisory board member and investor and general partner in LRE Opportunity Fund I, the firm’s inaugural fund.

The three properties that comprise the portfolio were all constructed in the early- to mid-2000s. They are the Eastwood Village in Stockbridge, Monterey Village in Jonesboro and Peachtree Landing in Fairburn.

Amenity-rich properties

Situated at 3005 Eastwood Village Dr. in Stockbridge, Eastwood Village is a 360-unit apartment community completed in 2000 and featuring a total of 26 buildings. Occupancy stood at 92 percent at the time of acquisition. The property, situated on 30-acres, features one-, two- and three-bedroom apartments. Apartments offer washer-dryer hookups and high-speed internet. Tennis and pickleball courts are among the property’s most high-profile amenities.

Bearing an address at 6265 Lee’s Mill Rd. in Jonesboro, Monterey Village is a 198-unit apartment community featuring 13 buildings on 32.1 acres. It was completed in 2004. Occupancy stood at 96 percent at time of acquisition. The property features one-, two- and three-bedroom units. Apartments include outside storage and individual air conditioning and heating. A swimming pool is among common-area amenities.

Located at 7915 Senoia Rd. in Fairburn, Peachtree Landing is a 220-unit community with 10 buildings on 26.5 acres. The property was built in 2002 and occupancy stood at 89 percent at time of acquisition. The property features one-, two- and three-bedroom apartments. Features and finishes of residences include above-standard ceiling heights, private balconies and semi-private entries. A fitness center is among the amenities.

Situated in a prime location

The most recent data compiled by the U.S. Census Bureau finds that the Atlanta-area is the third-fastest growing and sixth-largest region in the nation. The metro has added almost one million new residents since 2010. Across Fairburn, Jonesboro and Stockbridge, year-over-year household incomes grew by 17.1 percent on average.

Three months ago, a joint venture headed by The Scion Group made news by acquiring a 741-bed student housing community in Atlanta. The Class A community features a fitness center, clubhouse, rooftop swimming pool with terrace, EV charging stations and yoga studios.