Marcus Partners JV Buys Atlanta Asset
This marks the firm's reentry in the Southeast region.
Marcus Partners has reentered the Southeast region. In a joint venture with RPM Investments, the firm has acquired The Heights at Shadowood, a 287-unit multifamily property in Cumberland, Ga., an Atlanta submarket. The new ownership will rename the community as The Maddux at Shadowood.
The Worthing Cos. previously owned the asset, according to Yardi Matrix information. The firm completed it in 2023 using funds from a $38.5 million loan originated by Pinnacle Financial Partners in 2021.
This was the first time the asset traded. CBRE Southeast Multifamily Senior Vice President Don Hoffman brokered the deal.
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Located at 2180 Shadowood Parkway, the community is close to Interstate 285 and a host of dining and retail options. Downtown Atlanta is 13 miles away, while Hartsfield-Jackson Atlanta International Airport is 23 miles south.
The six-story building comprises one-, two- and three-bedroom floorplans, ranging from 660 to 1,261 square feet. Select layouts also have private balconies or patios.
Common-area amenities include a rooftop lounge, fitness center and swimming pool, as well as a grilling and outdoor dining area. The community also has a dog park and spa, a courtyard and EV charging stations.
Atlanta sales activity declines year-over-year
Atlanta’s multifamily transaction volume year-to-date as of April clocked in at $569 million, as 20 communities—4,469 apartments—have changed hands during that interval, according to Yardi Matrix information. This marks a steep decline from the 24 assets—6,724 units—that traded during 2024’s same period for almost $1.2 billion. The average price per unit dropped from $170,082 to $149,186.
In one of the deals, Sagard Real Estate purchased a 270-unit garden-style community in Roswell, Ga. Starwood Capital Group sold the 1996-completed property.
More recent transactions include RADCO Cos.’ acquisition of Legacy at Riverdale at the beginning of this month. The 615-unit property previously traded in 2021 for $55.5 million.
