Starlight Acquires 250-Unit Atlanta-Area Community
- Feb 09, 2018
Starlight Investments, through its Starlight U.S. Multifamily (No. 1) Value-Add Fund, has acquired Landmark at Coventry Pointe, a 250-unit community in Lawrenceville, Ga. CBRE Capital Markets facilitated the transaction, with Senior Vice President Shea Campbell representing the seller, Starwood Capital Group.
The sale price was undisclosed, but according to Yardi Matrix data, the asset bears a $24.2 million Freddie Mac loan, originated in 2016 and due in 2027. The property was 95 percent occupied at the time of the deal.
Landmark at Coventry Pointe consists of 17 three-story buildings spread across more than 35 acres at 100 Veranda Chase Drive. The community comprises 73 one-bedroom, 111 two-bedroom and 66 three-bedroom units, which range in size from 970 to 1,624 square feet. Common-area amenities include:
- fitness center
- business center
- tennis court
- swimming pool
- laundry facilities
- 250 parking spaces
The community is minutes away from Interstate 85, which offers access around Greater Atlanta. The nearby intersection of I-85 and Pleasant Hill Road offers several shopping and dining destinations, and the area abounds in employment options with about 60 company headquarters scattered around Gwinnett County. Some of the largest employers include the Gwinnett County Public School System, Publix, Walmart and Kroger, according to the county’s website.
“Investors are flocking to suburban areas like Lawrenceville due to its population surge and offering of quality products like Coventry Pointe with enormous upside potential. This community is one of the few properties in the submarket that hasn’t undergone wholesale interior renovations, providing a unique opportunity for the new owner,” said Campbell in a prepared statement.
Image courtesy of CBRE