In what seems to be an eventful week for the metro Atlanta multifamily market, three apartment communities are now under new ownership.
Jones Lang LaSalle’s Capital Markets was responsible for the successful sale of two such properties. Working on behalf of owner American Realty Advisors, managing directors David Gutting and Derrick Bloom closed on the sale of ALARA State Bridge and ALARA Highland Park, properties that were placed on the market less than four months ago. No financial terms of the transaction have been disclosed.
ALARA State Bridge is a 224-unit apartment community located at 10840 State Bridge Road in Johns Creek, GA. Built in 1998, the community features modern architecture and luxury amenities, and it is destined to cater to families looking for top-rated schools and proximity to high-tech employment.
The 188-unit ALARA Highland Park, located at 100 Highland Park Trail in Sandy Springs, GA is a wooded Williamsburg-inspired community. Built in 1995, the apartment asset aims to attract young professionals as it is set within proximity to the entertainment and nightlife venues of Downtown Roswell, Dunwoody Village and the Central Perimeter Office submarket.
Transwestern’s Atlanta office also closed on the sale of a 305-unit multifamily community this week; PointOne Holdings LLC, a South Florida investor of single- and multifamily properties, bought Steeple Chase Apartments at 5940 Singleton Road in Norcross, GA.for approximately $13.3 million, or $43,525 per unit. Transwestern’s managing directors Mike McGaughy and Jon Kleinberg represented the seller, Cortland Partners.
“The Atlanta multifamily market is continuing to strengthen,” said McGaughy, Transwestern’s multifamily specialist. “The addition of new jobs and a lack of any meaningful suburban development have pushed up property values 20 to 25 percent over where they were trading just two years ago. We believe these trends will continue not only in Atlanta, but throughout the Southeast.”
Image: ALARA State Bridge via Facebook
Chart via Marcus & Millichap