Peak Capital Partners has sold Avenue 33, a 284-unit multifamily community in Stockbridge, Ga., for $58.2 million. REM Acquisitions is the new owner. GREA represented the seller in the transaction. The property last traded in 2019, when the current seller bought it from a private investor for $33 million, according to Yardi Matrix. The property will undergo a renovation plan focused on enhancing improvements made by the past ownership.
Completed in 1999, Avenue 33 is located at 3386 Mount Zion Road and encompasses one-, two- and three-bedroom units between 730 and 1,081 square feet equipped with washers and dryers. Common-area amenities include a swimming pool, a fitness center, a clubhouse, a business center, a volleyball court, laundry facilities and 380 parking spots.
The 16-building garden-style property is situated close to Interstate 675, Interstate 75 and Stockbridge Amphitheater, 12.7 miles from Hartsfield-Jackson Atlanta International Airport and within 20 miles of downtown Atlanta. Multiple retail options, such as Lowe’s, Kroger and a Walmart, are available nearby.
GREA Executive Managing Director Walter Miller, as well as Managing Directors Chandler Brown, Taylor Brown and Cory Caroline Sams represented the seller.
Atlanta ranked second in a Top 10 of markets by multifamily investment volume in 2021, with 325 properties sold, representing 83,765 units. The market’s total reached $14.5 billion, nearly double the volume registered in 2019.