Lawrenceville MF Asset Changes Hands for $58.3M
- Mar 20, 2015
Madison at River Sound was recently sold to Los Angeles-based Investors Management Group for $58.3 million. The new owner of the community is a private real estate investment firm focusing exclusively on the multifamily sector. Investors Management Group specializes in value-add and opportunistic real estate investments in major metropolitan markets in need of recapitalization, repositioning, or significant renovation.
The 586-unit Madison at River Sound apartment community features spacious interiors, nine-foot ceilings, a two-tier swimming pool and an updated clubhouse. The gated community has frontage along Highway 316 and is located within walking distance of Georgia Gwinnett College. The neighborhood features two swimming pools, two tennis courts, a sand volleyball court, playground, walking trails and a fitness facility. Other common space amenities include a clubhouse, a laundry facility, cyber café, picnic areas with grills as well as two car care centers. Floor plans range from 714 to 1,523 square feet with up to three bedrooms and two baths. The apartments feature newly upgraded amenities including kitchens with brush nickel hardware, glass stone mosaic tile back splash and built-in microwave. Select units also include vaulted ceilings, wood burning double-sided fireplaces, attached garages with private driveways as well as sunrooms with built-in desk and shelves.
A sales team consisting of Vice President Shea Campbell and Vice Chairman Kevin Geiger of CBRE’s Southeast Multifamily Group finalized the sale on behalf of a partnership owned by B&M Management and Madison International Realty, LLC.
Photo credits: Madison International Realty