Cushman & Wakefield’s Southeast Multifamily Advisory Group has arranged the sale of two apartment communities located in metro Atlanta, representing Stratford Asset Management Co./TIC and a joint venture of Centennial Holding Co. and The Carlyle Group.
Josh Goldfarb and Travis Presnell of Cushman & Wakefield’s Atlanta Professional Equity Team represented the sellers. Since the beginning of this year, the entire Atlanta-based team has closed 30 deals in Georgia totaling $375 million in sales volume.
Hamilton Point Investments acquired the 276-unit The Retreat at Stonecrest, located in Lithonia, for $23 million from Stratford Asset Management Co. / TIC. Built in 2003, The Retreat at Stonecrest is one of only a handful of communities built in the area since 2000, and it is currently 87 percent leased. The sales price represents approximately $83,333 per unit.
RST Development acquired the 260-unit Century Lakeside, located in Conyers, from Centennial Holding Co. / The Carlyle Group. Built in 2000, the property is 95 percent leased and will be managed by Hercules Living. Century Lakeside’s location is poised for appreciation as it is surrounded by big-box retailers such as Walmart, The Home Depot and Kroger as well as Rockdale County’s top employers, including Golden State Foods, Hillphoenix and Solo Cup.
“Metro Atlanta’s job growth is fueling the demand for better apartment living, as evidenced by the increased rent levels found in upgraded communities,” Goldfarb said. “The Retreat at Stonecrest and Century Lakeside provide such support for suburban garden-style apartment repositioning. Consequentially, compressed cap rates remain a part of the investment criteria.”
Cushman & Wakefield’s Southeast Multifamily Advisory Group is the most active firm in the region, with the No. 1 market share based on transactions reported to CoStar. The group closed $3.6 billion in sales volume in 2016, totaling 223 deals and nearly 50,000 units. On average, the team has experienced 63 percent sales growth within the last five years. For more information about Cushman & Wakefield’s Southeast Multifamily Advisory Group, visit https://multifamily.cushwake.com.