Metro Atlanta Community Commands $19M
- Jul 02, 2019
Beach Investment Management, an affiliate of The Beach Co., has acquired Reserve at Sweetwater Creek, a 156-unit garden-style community in Austell, Ga. Arcan Capital sold the asset for $19 million. According to Yardi Matrix data, the sale was subject to a $13.5 million Freddie Mac acquisition loan originated by Berkadia Commercial Mortgage. Cushman & Wakefield represented the seller, while The Beach Co. assisted the buyer in the transaction.
Located at 99 Creekside Circle in the Atlanta metropolitan region, the community is north of the Interstate 20, an important east-west highway providing easy access to the Atlanta CBD situated 15 miles east of the property. The interstate area is also abundant in shopping and dining options and Hartsfield-Jackson Atlanta International Airport is within a 30-minute drive.
The Beach Co.’s Investment Management Associate Darby Parker represented the buyer in the deal, while Managing Director Nathan Swenson and Director Travis Presnell of Cushman & Wakefield assisted the seller. Associate Director Jimmy Meadows of Berkadia Commercial Mortgage brokered the acquisition financing. Presnell also negotiated on behalf of the seller in the $17.7 million transaction of a 150-unit multifamily property located 5.3 miles north of Reserve at Sweetwater Creek.
Built in 1988 on a 31-acre site, Reserve at Sweetwater Creek consists of 10 two- and three-story buildings. The featured units are one- and two-bedroom floorplans ranging from 650 to 1,000 square feet. Amenities include a swimming pool, outdoor kitchen, fitness center, tennis court, laundry facility and cyber lounge. The property was 94.2 percent occupied in May, per Yardi Matrix.
The new owner will continue the interior unit upgrades started by Arcan Capital. Renovations are to include the addition of stainless-steel appliances, granite countertops and modern fixtures. Other improvement plans call for the replacement of all roofs and the conversion of the existing tennis court into an outdoor fitness center and a gazebo with a grilling area.