Praedium Group Acquires GA Community
- Oct 09, 2018
The Praedium Group has acquired Trees of Newnan Apartments, a 500-unit multifamily community in Newnan, Ga.
“This was an exciting investment opportunity for Praedium, as we were able to purchase the property at an attractive basis relative to replacement cost,” Peter Calatozzo, The Praedium Group’s managing director, said. “Since 2010, the Atlanta MSA south of I-20 has seen 14 percent of Atlanta’s MSA population growth, but only 3 percent of the total supply pipeline. Coweta County has seen 60 percent population growth since 2000 and is projecting 21 percent growth over the next 10 years.”
The Trees of Newnan Apartments offer 22 three- and four-story apartment buildings, with one-, two- and three-bedroom units that feature nine-foot ceilings, vinyl plank flooring in the kitchen, wood cabinetry and stainless steel appliances.
Amenities include a pool with sundeck, walking and jogging paths and a “Bark Park” playground for pets. The community also has a picnic area and a fitness center.
Rise of the 1-85 Corridor
Built in two phases in 2014 and 2016, the property is located 24 miles from the popular Hartsfield-Jackson International Airport and approximately 33 miles from Downtown Atlanta. Among the businesses that call the area home are Delta Airlines, Chick-Fil-A and Porsche North America. Additionally, along the I-85 corridor, Google, Amazon, Samsung and Duracell have all recently invested in logistics and distribution facilities.
Trees of Newnan Apartments is close by the 1.7-million-square-foot Ashley Park, which contains more than 60 restaurants and retail stores. And with work on an extension of nearby McIntosh Parkway being done, once it’s finished it will offer direct access between downtown Newnan and the Ashley Park area.
“The acquisition of Trees of Newnan fits well within our strategy of purchasing high-quality assets in growth markets,” Calatozzo said. “This location within the Atlanta MSA continues to see strong job development, which is led by the ongoing industrial development along the I-85 corridor, expansion of the healthcare industry, and the growth of the film industry propelled by a cluster of well-regarded movie studios.”
The Praedium Group is planning to rebrand Trees of Newnan and will modernize amenities and clubhouse space, and is also considering upgrades to the unit interiors.
In July, The Praedium Group sold Adobe Ridge, a 224-unit community in Glendale, Ariz., for $41 million to the Aukum Group.