Resolute Real Estate Receives $36M Loan for Atlanta Purchase
- Dec 04, 2019
Resolute Real Estate has purchased The Reserve at Ridgewood, a 269-unit, garden-style community in the Atlanta suburb of Sandy Springs, Ga. According to Yardi Matrix data, the seller was Aspen Square Management, which had owned the Class B property since 2011.
Working on behalf of the buyer, JLL Capital Markets secured a $36 million loan for this acquisition. The 12-year, fixed-rate financing has three years of interest-only payments.
Situated at 7100 Roswell Road NE, the community is approximately 17 miles north of downtown Atlanta. The property is 1 mile northeast of Abernathy Square Shopping Center and 3.2 miles northwest of Perimeter Place. Interstate 285 is roughly 3 miles south.
The Reserve at Ridgewood consists of 32 two- and three-story buildings spread across nearly 12 acres. The unit mix features one- to three-bedroom floorplans ranging from 854 to 1,530 square feet. Community amenities include swimming pool, tennis court, dog park and fitness center. The property is currently 94 percent occupied.
JLL Senior Director Kristian Lichtenfels, Senior Managing Director Eric Tupler and Director Ware Shipman worked on behalf of the borrower. Tupler was also part of the financing team that secured a $46.5 million loan for the acquisition of a 360-unit community in Odessa, Texas.