Sage Equities Snaps Up Duluth Multifamily Asset
CBRE Capital Markets announced the sale of The Paramont Apartment Homes in Duluth, Ga.
By Balazs Szekely, Associate Editor
CBRE Capital Markets announced Nov. 4, 2105 that the Paramont Apartment Homes community located in Duluth, Ga. was trading hands.
Located at 4201 Pleasant Lake Village Lane, the 266-unit community includes a mix of one-, two- and three-bedroom apartments with up to two bathrooms, ranging from 555 to 1,524 square feet. The area is part of the Gwinnett Place submarket, which is currently one of the most active investment markets of the metro. The community recently completed extensive exterior renovations and rebranding under the previous owner’s guidance, and increased its occupancy to more than 98 percent.
First Vice President Brad Simmel of CBRE’s Southeast Multifamily Group exclusively represented the seller, MESA Capital Partners, a local multifamily real estate investment company. Real estate advisor and asset manager Sage Equities acquired the property through its Atlanta-based subsidiary, M. Banks Realty Partners, which is led by President Marvin Banks and focuses on investments in the Southeast U.S. The firm has been actively acquiring multifamily properties in recent years, with a particular focus on the Atlanta market. CBRE’s Executive Vice President Richard Jordan and Senior Real Estate Analyst Matthew Forgione assisted the purchaser with the assumption of an existing loan.
Photo courtesy of CBRE