Suburban Atlanta Community Commands $35M
The acquisition of the 300-unit Class B multifamily asset, constructed in 1985, marks One Real Estate Investment’s first purchase in the metro.
Princeton Heights Apartments
Emma Capital has sold Princeton Heights Apartments, a 300-unit Class B community northeast of Atlanta, for $34.9 million, according to Yardi Matrix. The property is One Real Estate Investment’s first acquisition in the Atlanta area.
The buyer expanded its national multifamily portfolio by more than 800 units in the past year. In August, the firm paid $25.6 million for a 160-unit Florida townhome community.
Located at 4250 Jimmy Carter Blvd. in Norcross, Ga., Princeton Heights Apartments is just north of Lawrenceville Highway and roughly 20 miles northeast of downtown Atlanta. Several shopping and dining options, including The Home Depot and Walmart Supercenter, are within a mile and a half of the property.
The asset’ 16 two- and three-story buildings, built in 1985, house a mix of one- and two-bedroom units, with floorplans ranging from 720 to 1,052 square feet. Community amenities include a fitness center, a swimming pool, a tennis court and laundry facilities. As of January, the property was 97.3 percent occupied, per data from Yardi Matrix.
Image courtesy of Yardi Matrix
