The Praedium Group has acquired a recently-built community in Lawrenceville, Ga., in hopes that the surrounding area will see rapid growth in the coming years.
Praedium purchased Alta Sugarloaf from Wood Partners, who completed the community in February 2020, and has rebranded the property into The Edison Sugarloaf. The 330-unit community offers one-, two- and three-bedroom floorplans that range in size from 672 to 1,442 square feet. Residents get access to the community’s amenities that include a pool, clubhouse, fitness center, a lawn with an outdoor movie screen, outdoor gazebos, grilling stations and nearby access to outdoor trails and activities.
Josh Kogel, vice president at Praedium, said in prepared remarks that Alta Sugarloaf earned a bronze certification from the National Green Building Standards. He added in his prepared statement that the community’s sustainable design features improved energy, resource and water efficiency, improved indoor environmental quality and better building operation and maintenance efficiencies.
ACTIVE GROWTH OUTSIDE OF ATLANTA
Kogel also said in prepared remarks that the Alta Sugarloaf acquisition was part of Praedium’s strategy of acquiring high quality properties in a market that’s expected to grow strongly in the Southeast. Elsewhere in the Southeast region, Praedium acquired a 312-unit Class B community in Plantation, Fla., for $63.7 million in January.
As for its Atlanta portfolio, Peter Calatozzo, principal at Praedium, said in prepared remarks that the surrounding Gwinnett County where Alta Sugarloaf is located will see strong future job and population growth which will create more demand for multifamily housing. Calatozzo said in his prepared statement that Gwinnett County is expected to be Atlanta’s most populated county by 2040.