Value-Add Asset Changes Hands Near Atlanta
This purchase marks Geneva Group's reentry into the multifamily market.
Reentering the multifamily market, The Geneva Group has purchased LaVista Crossing, a 240-unit community in Tucker, Ga. The seller was Two Waters Capital Management, Yardi Matrix shows.
The DeKalb County asset previously traded for $36.5 million in 2021, when Two Waters acquired it in a value-add deal from CITYR Group. The buyer also earmarked $1.4 million for capital expenditures, according to public records.
Completed in 1970 across 24 acres, the garden-style community comprises one- to three-bedroom floorplans ranging between 725 and 1,350 square feet across 36 buildings. Amenities feature a car-wash station, bar, gym, dog park, lounge and sundeck.
Interior renovations included the creation of open kitchens in select units, as well as remodeling and refurbishments. The addition of awnings, together with playground and pool upgrades, were part of the exterior improvements.
Located at 3797 Lavista Road, the property is 2 miles north of U.S. State Route 29 and roughly 3 miles west of Interstate 285. Employers such as AT&T, Gray Television, as well as Gypsum Management and Supply, are within a 7-mile radius. Briarcliff Village and the Northlake Mall, two shopping centers encompassing more than 80 stores combined, are less than 1 mile away.
DeKalb multifamily sales improve
The metro Atlanta transaction activity lagged through November, registering the lowest volume in 10 years, according to a Yardi Matrix report. DeKalb County unit sales accounted for 13.5 percent of Suburban Atlanta transactions in 2023, a slight increase from the 8.4 percent recorded in 2022, the same data source shows.
In one of the more sizable sales of last year, Equus Capital Partners sold a 500-unit community in Atlanta for $108 million. The property had previously changed hands for $76 million in 2017.
