Atlanta-based Vista Realty Partners has sold Northridge Vista Apartments, a luxury apartment community it developed in the affluent Atlanta suburb of Sandy Springs, Ga. The 220-unit community was sold to Hudson Capital Properties for a gross price of $49 million.
Completed in 2017, the community is located near the Atlanta area’s major employment centers and less than 10 minutes from the newly-established U.S. headquarters of Mercedes Benz.
New York City-based Hudson Capital Properties is headed by the family that operates Hudson Media, which is the leading magazine distributor in the Northeastern U.S. and the nation’s largest airport news and concessionaire. Hudson Capital Properties sought an opportunity to expand its Atlanta-area holdings while simultaneously acquiring a property in a supply-constrained Atlanta submarket.
The apartment units feature hardwood floors, high-speed Internet access, microwave ovens, private balconies or patios and above-standard ceiling heights. A fitness center, business center, clubhouse and swimming pool are among the common area amenities.
“After completing a successful value-add project at the community adjacent to the Northridge parcel, Vista was in a unique position of having firsthand knowledge of the strength and draw of the Sandy Springs market,” Vista Realty Partners CEO Eduard de Guardiola told MHN.
“This pocket of Sandy Springs, with excellent access and connectivity to the central perimeter area, was underserved and there was ample demand for new Class A rental housing. Having this unique insight to the micro-location was a deciding factor for developing Northridge.”
A large amount of unanticipated sub-surface rock stood as a major construction hurdle for the developer, de Guardiola recalled. “This was addressed by shifting buildings and adjusting civil engineering drawings,” he said. Another challenge was an unusual number of rain days. A brisk lease up compensated for lost time.
“Thanks to some minimal value engineering the project penciled out,” de Guardiola said.
“Vista is fortunate to have immediate access to internal equity as well as long-term relationships with outside equity and debt partners. This streamlines underwriting and the completion of the overall project. These factors enabled Northridge Vista to begin lease up in advance of many new developments along the Roswell Road corridor.”
Opportunities in Cobb
What convinced Vista Realty Partners to sell?
“For Vista, it was the perfect time to redeploy resources to a new mixed-use development in the Cobb County submarket,” de Guardiola said. “Growth and economic opportunities in Cobb make multifamily development very attractive.”
Vista Realty Partners is a joint venture between Vista and Lubert Adler Real Estate Funds.