QR Capital Nabs Atlanta Apartment Community
- Mar 02, 2017
Atlanta—CBRE Group Inc. has announced that the company has secured the sale of Archer on North Apartments, a 140-unit multifamily community located in Athens, Ga. Archer on North LLC sold the asset to QR Capital, an Atlanta-based real estate investment company. Brad Simmel, senior vice president of CBRE, exclusively represented the seller in the transaction.
Located at 210 Spring Court, the property, built in 1984, underwent extensive renovations in 2012. Upgrades included improvements to the one-bedroom units such as the addition of maple cabinetry, new countertops and black electric appliances. In addition, other enhancements included improvements to the clubhouse, outdoor pool and fitness center.
“Archer on North’s outstanding location and attractive layouts offers exceptional benefits to the tenants as well as ownership. Currently 98 percent occupied, the units are leased on an academic year basis from August-July. On schedule to be fully leased in 2017-18, provided QR Capital with the advantage of an in-place income at the time of acquisition,” Brad Simmel said in a prepared statement.
The apartment community is less than 3 miles away from The University of Georgia which can only accommodate a fraction of its enrollment, creating an excellent opportunity for multi-housing communities to provide for the remaining students.
Photo courtesy of Archer on North Apartments