Robbins Electra Snags Atlanta-Area Portfolio
- Apr 11, 2017
CBRE closed the sale of a three-property Atlanta portfolio on behalf of Bridge Investment Group. Kevin Geiger and Shea Campbell of CBRE’s Southeast Multifamily Group facilitated the sale to Robbins Electra and Electra America. The portfolio includes Marbella Place, formerly known as Cameron Landing; The Parke at Oakley; and Belle Vista, formerly known as Ashley Vista.
Located at 3470 Mount Zion Road in Stockbridge, Ga., Marbella Place offers 368 units comprising one-, two- and three-bedroom floorplans ranging from 720 to 1,226 square feet, according to Yardi Matrix. Currently at a 90.5 percent occupancy, the community offers washer/dryer hookups, private balcony/patios, central air, detached garages, oversized closets, ceiling fans and 700 parking spaces. Select units offer designer cabinetry, refinished countertops, ungraded black appliances, premium lighting and faux wood flooring. Amenities include a 24-hour fitness center, clubhouse, two playgrounds, swimming pool, bark park, free Wi-Fi, and laundry facilities.
Located at 5474 Oakley Industrial Blvd. in Fairburn, The Parke at Oakley offers 240 one-, two- and three-bedroom units. Apartment features include washer/dryer hookups, nine-foot ceilings, garden tubs, walk-in closets, ceiling fans, central air, private balcony/patios, outside storage, detached garages and 408 parking spaces. Select units offer designer cabinetry, refinished countertops, ungraded black appliances, premium lighting, faux wood flooring and sunrooms. Residents have access to amenities such as a fitness center, business center, bark park, car care center, picnic and grilling areas, clubhouse, playground and swimming pool. Robbins Electra purchased this asset for $28.36 million in March.
Located at 100 Camellia Lane in Lithonia, Belle Vista offers 312 units ranging from 657 to 1,247 square feet, according to Yardi Matrix. Its one-, two- and three-bedroom floorplans include washer/dryer hookups, detached garages, private balcony/patios, oversized closets, ceiling fans and 600 parking spaces. Select units offer designer cabinetry, refinished countertops, ungraded black appliances, premium lighting and faux wood flooring. Amenities include a resident activity center, media room, gazebo with green area, soccer field, playground, free Wi-Fi, bark park, summer kitchen with grilling stations, 24-hour fitness center, business center, clubhouse, tennis court, swimming pool and laundry facilities. Robbins Electra purchased this property for $31.11 million in March.
“The Atlanta job machine continues to churn which is helping to fuel continued rent growth,” Geiger, vice chairman, CBRE, told Multi-Housing News. “For instance, last year 90,300 jobs were created in metro Atlanta. Consequently, demand for housing is up and it is not unusual to see 5 percent annualized organic rent growth in the suburbs—that is driving interest from investors. Few markets across the country can boast occupancy and solid rent growth this late in the cycle so we are fortunate to live and work in Atlanta. All three of the Bridge assets were in the suburbs with plenty of opportunity to add value through renovation.”
Images courtesy of Yardi Matrix and Robbins Electra