GA Multifamily Asset Trades for $42M
- Apr 04, 2019
Sterling Bridge Investment Partners has sold Sandpiper Apartments, a 530-unit community in Warner Robins, Ga., for $42 million or $79,245 per unit. Marcus & Millichap represented both the buyer and seller in the transaction. According to Yardi Matrix data, the property previously changed hands in 2016, when it traded for $22.5 million or $42,513 per unit.
The multifamily asset is located at 800 Leisure Lake Drive, near Robins Air Force Base—the largest industrial complex in Georgia—and near Interstate 75, between two regional airports. There are four shopping centers situated within a four-mile radius from the property. The surrounding area also hosts major employers such as Purdue Farms, Frito-Lay, Northrop Grumman, Graphic Packaging International, Houston Healthcare and Cascade Corp.
Built in 1986 on a 35.4-acre parcel neighboring Wilkinson Lake, the property features 34 one-story buildings. The community consists of 384 one-bedroom and 146 two-bedroom units with floorplans of 800 square feet and 1,100 square feet, respectively. Amenities include a mini-movie theater, lagoon pool, business center, fitness center and dog park.
“Located within one of Georgia’s fastest-growing communities, Sandpiper Apartments was approximately 97 percent occupied at the time of the sale,” said Kurt McGarry, senior associate in Marcus & Millichap’s Atlanta office, in a prepared statement.
McGarry, together with Senior Associate Brad Barham, represented the seller in the transaction. First Vice President Investments Dana Newton and Associate Mike Maxwell, part of the company’s Philadelphia office, worked on behalf of the buyer. Michael J. Fasano, first vice president and regional manager of Marcus & Millichap’s Atlanta office, is the firm’s broker of record in Georgia.