Partnership Buys Two Georgia Apartment Properties
- Nov 12, 2014
Atlanta—A joint venture of W.P. Carey, Carroll Organization and Silverpeak Real Estate Partners has acquired two apartment properties in Georgia totaling 444 units for $46 million. The two are Gentry’s Walk in Chamblee, which has 227 units, and Dupont Place in Tucker, which has 217 units.
The properties will be rebranded as Arium Dunwoody and Arium Station 29, respectively. Along with the rebranding of each property, Carroll will reposition the properties through exterior and amenity enhancements, as well as various interior upgrades.
Both Chamblee and Tucker are in DeKalb County, one of the collar counties of Atlanta. Each property is located near important transit corridors, retail centers, employment drivers and parks, according to Carroll. Station 29 sits on the eastern edge of Northlake, one of Atlanta’s largest office submarkets, with about 19.5 million square feet of office space.
According to investment specialist Marcus & Millichap, Atlanta’s a strong market for multifamily investment, with a metro-wide vacancy rate of 4.3 percent as of Q3. Over the past five years, Atlanta’s been the fourth-fastest growing city by population, with 2.6 percent employment growth each year (the average for 82 major U.S. markets is 1.7 percent).
The purchase of these properties takes Carroll’s acquisitions for 2014 to more than $500 million pace. Silverpeak is a diversified real estate investment company with about $14 billion of gross real estate assets, and W.P. Carey is a REIT with investments in net-lease and other properties.