Blackmount Picks Up Suburban Atlanta Community
- Oct 02, 2017
CBRE arranged the sale of Landmark at Creekside Grand, a 492-unit multifamily community in East Point, Ga. Blackmount Real Estate Partners purchased the asset, marking the company’s first acquisition in the metro Atlanta area.
Located at 3505 Redwine Road on a 41.2-acre site, the property features one- and two-bedroom units with vaulted ceilings, washer and dryer connections, air conditioning, dishwashers and private patios. Renters enjoy access to a wide array of community amenities such as a fitness center, two swimming pools, on-site management services, a business center, laundry facility and tennis courts.
Senior Vice President Shea Campbell worked on behalf of the seller in the transaction, while Blackmount Principals Shawn Collins and Neil Herceg led in-house acquisition efforts.
“Atlanta remains a desirable multifamily market, with almost 6 million residents and a projected growth of over 7 percent through 2020,” Campbell said, in prepared remarks. “The tremendous job growth of more than 300,000 new jobs in the last five years, coupled with a sharp reduction in multifamily construction after 2017, has investors recognizing the potential in the existing projects throughout metro Atlanta.”
“Due to the unique all townhome construction, history of top-tier institutional ownership and the optionality offered between the property’s two distinct phases, we will be able to execute a business plan that provides residents with the modern amenities and interior finishes they desire while providing a stable, consistent return for our investors,” added Collins.
Landmark at Creekside is proximate to an 800,000-square-foot shopping center with several restaurants and retail venues, as well as numerous dining and entertainment options. The townhome community provides convenient access to Interstate 285 and Hartsfield Jackson International Airport.
Image courtesy of CBRE