Atlanta—StoneBridge Investments announced the acquisition of 550 Abernathy Apartments in the Atlanta submarket of Sandy Springs, for $31 million. Kevin Geiger of CBRE represented the seller, an entity controlled by Harbor Group.
Located at 550 Abernathy Road NE, the 14 two- and three-story buildings offer 228 units comprising two- and three-bedroom apartments ranging from 1,280 to 1,725 square feet, according to Yardi Matrix. The community offers a fitness center, business center, clubhouse, swimming pool, spa, laundry facilities and 450 parking spaces. StoneBridge plans on upgrading amenities with a fully renovated clubhouse and pool area by adding outdoor living features such as a fire pit, poolside cabanas and an outdoor kitchen. Interior features include washer/dryer hookups in all units, fireplaces and vaulted ceilings. Unit enhancements will be made to include granite countertops, hard surface flooring and more open floorplans.
“Coming on the heels of our recent acquisition of Beech’s Farm apartments in Columbia, Md., 550 Abernathy provides another attractive opportunity for our investors,” said William Bateman, director, StoneBridge Investments. “We were initially attracted to the property because of its especially large floorplans, wooded park-like setting, and outstanding location and visibility on Abernathy Road. Through a value-add program, we can provide our residents with modern amenities, larger than average living spaces, and the feel of new construction at much lower rental rates than comparable newer product.”
ZRS Management, an affiliate of StoneBridge, will manage the property.
Image courtesy of StoneBridge Investments