Redwood Capital Acquires 300-Unit Rental Community for $33.2M
- Jul 14, 2008
By Anuradha Kher, Online News EditorAtlanta–Redwood Capital Partners recently acquired the Collier Ridge Apartments, a 300-unit apartment complex located at 100 Noble Creek Drive in Atlanta. Redwood purchased the property in partnership with MetLife from Equity Residential for $33.2 million or $110,667 per unit. The investment, part of Redwood’s value-add portfolio, is the firm’s fifth acquisition in over six months.The company plans to retain Collier Ridge as a rental property and spend approximately $3.6 million, or about $12,000 per unit, on rehabilitation and renovations. “In a market where there is moderate new supply being delivered and continued significant premiums to owning a home versus renting, we are confident that multifamily housing investments will perform solidly in the foreseeable future,” says Redwood principal, David Carlson. “The Atlanta area continues to register low apartment vacancies and sustainable rent growth.”Located off of Defoors Ferry Road in the Buckhead area of Atlanta, Colliers Ridge features 49 two- and three-story wood frame multifamily structures offering garden and townhouse floor plans totaling 426,012 sq. ft. on 38.75 acres. The property includes 244 two-bedroom units and 56 three-bedroom units averaging 1,420 sq. ft. and $990 a month in rent. The property was built in 1980. On-site amenities at Collier Ridge Apartments include a swimming pool with sundeck, clubhouse, fitness center, tennis courts, washer/dryer connections, patios and balconies, and extra storage closets on patios. Fireplaces, vaulted ceilings, ceiling fans and screened-in porches are featured in select units.