Sunshine Management Lands $34M Atlanta-Area Community

Sunshine Management acquired the 260-unit property from Fortress Investment Group. The sale was subject to a $25.4 million Fannie Mae loan.

Sunshine Management, owned and operated by Benimax, recently purchased Paces Crossing, a 260-unit community in Norcross, Ga., an Atlanta suburb. According to Yardi Matrix data, the property traded for $33.8 million. The sale was subject to a $25.4 million loan held by Fannie Mae and originated by Berkadia Commercial Mortgage. Fortress Investment Group was the seller in this transaction. The company acquired the property last year for $26.5 million.

Large units, high occupancy

Formerly known as Wesley Paces, the community is located at 4300 Jimmy Carter Blvd., approximately five miles from the junction between interstates 85 and 285. The property is also within a 35-minute drive from downtown Atlanta. The unit mix consists of 104 one-, 129 two- and 27 three-bedroom apartments, ranging from 960 square feet to 1,598 square feet. Occupancy was 94.6 percent as of June 2017. Completed in 2001, Paces Crossing comprises 12 three- and four-story buildings. Amenities include a fitness center, a clubhouse, a swimming pool and 500 parking spaces.

Sunshine Management has seven other properties in Georgia. The 312-unit Oakwood Vista, the 260-unit Ashford Oaks and the 252-unit The Reserve are among the largest communities the company owns across the state.

Images courtesy of Paces Crossing Apartments website