Cyclone Investment Group JV Buys Georgia Apartments
- Jan 12, 2021
A joint venture between Cyclone Investment Group and Skywood Properties has purchased Ten35 Gateway, a 214-unit multifamily community in Marietta, Ga. Main Street Residential sold the property for $26.2 million, after investing more than $2 million in capital improvements since buying the asset back in 2018 from Marquis Investments.
Ten35 Gateway offers one-, two- and three-bedroom garden and townhome units, ranging from 828 to 1,365 square feet. Community amenities include a pet park, swimming pool, high speed internet, clothing care center, package receiving and convenient access to CobbLinc public transportation. The property was constructed in 1969 and has an occupancy of 86.9 percent as of November 2020, according to Yardi Matrix.
The new partners plan to continue investing in property upgrades. The seller previously made changes to the exterior of the building, common areas and units. Harbor Group International provided bridge debt for the purchase. Phil Goldstein and Steven Vegh of Westwood Realty Associates arranged the sale.