Olen Properties Acquires Atlanta-Area Community for $91M
Situated in Duluth, Ga., the property was constructed in 2002.
Olen Properties has expanded its multifamily portfolio with the acquisition of a 333-unit community in Duluth, Ga. The company acquired The Reserve at Sugarloaf for $91 million from an institutional client of New York Life Real Estate Investors.
The community, which is located near Atlanta, was built in 2002 and offers one-, two-, three- and four-bedroom units that average 1,225 square feet. The units include washer and dryer units, while some have a private patio or balcony and separate stand-up shower. The community’s amenities include a pool, sundeck, outdoor lounge, internet cafe with coffee bar and package center, as well as a tennis court, Crossfit course, clubhouse, dog park and car care center.
Located at 2605 Meadow Church Road, The Reserve at Sugarloaf is part of Atlanta’s Interstate 85 North corridor and about 30 miles away from downtown Atlanta. The community is also located near the Gas South Arena, the Mall of Georgia and the Sugarloaf Mills shopping center.
Cushman & Wakefield’s Robert Stickel, Alex Brown, Ashlyn Warren and Wesley Lacefield represented the seller. Brown, executive managing director at Cushman & Wakefield, said in prepared remarks that Olen Properties has a specific acquisition profile and was attracted to The Reserve at Sugarloaf’s aesthetic, large floor plans and proximity to high-quality schools.
Investing in the Atlanta market
Stickel, executive vice chair at Cushman & Wakefield, said in prepared remarks that the previous owner completed some strategic improvements to The Reserve at Sugarloaf. The improvements included enhancing unit interiors and modernizing amenities, Cushman & Wakefield said in a statement.
The Reserve at Sugarloaf adds to Olen Properties’ 17,000-plus luxury multifamily units. The firm’s properties are mostly scattered throughout the southeastern and southwestern U.S., with the majority of its portfolio located in the Las Vegas metro and in Florida. Olen Properties has also invested in upcoming markets like Alpharetta, Ga., Scottsdale, Ariz. and Charlotte, N.C. The company also acquired a 209-unit community in Mt. Juliet, Tenn., for $64 million in August 2021.