Atlanta-Area Community Changes Hands
- Jun 06, 2019
M. Banks Realty Partners, a Sage Equities subsidiary, has sold Corners at 1700, a 308-unit multifamily property in Peachtree Corners, Ga., to Bridge Investment Group. CBRE’s Executive Vice President Shea Campbell represented the seller in the transaction. The asset previously changed ownership in 2016.
Located at 1700 Hunters Ridge Lane in western Gwinnett County, Corners at 1700 is near state routes 140 and 141, roughly 4 miles away from Interstate 285. Downtown Atlanta is within a 40-minute drive via Interstate 85 and Hartsfield-Jackson Atlanta International Airport is roughly 30 miles away. The surrounding area holds many shopping, dining and recreation venues. The property is also situated in a top school district, which attracted the buyer into entering the Peachtree Corners market with a value-add asset.
According to Yardi Matrix data, the Class B community sits on a 31-acre site and consists of 38 two-story buildings completed in 1978. The unit mix features one- to three-bedroom apartments with floorplans ranging from 710 to 1,500 square feet. Common-area amenities include a tennis court, a fitness center, two swimming pools and 16 laundry facilities. The property was 97.7 percent occupied as of April.
In February, a 300-unit multifamily asset traded 7 miles south of Corners at 1700. Emma Capital sold the Class B community to One Real Estate Investment for $34.9 million.