Cushman & Wakefield’s Atlanta multifamily team has arranged the sale of The Promenade at Berkeley, a 492-unit apartment community located in Duluth, Georgia. Mike Kemether, Brandon Whitesell, and Chris Spain of Cushman & Wakefield represented the seller, Los Angeles-based Investors Management Group. Salt Lake City-based Bridge Investment Group acquired the property.
“Investors Management Group invested significant capital into the property’s common areas, including the fitness center and clubhouse/leasing office, and also made significant exterior improvements,” Kemether said. “With the heavy lifting complete, the Promenade at Berkeley has assumed a more dominant submarket position and now competes with much newer product, including some of the deals just across the river in John’s Creek. This should create excellent ROI for its new owner.”
The more than 40-acre property, built in 1988, is located in north Gwinnett County’s affluent Duluth/Berkeley Lake area, strategically positioned within a four-mile radius of three of Atlanta’s primary employment districts: Sugarloaf/Gwinnett Center to the southeast, Technology Park/Johns Creek to the north and Technology Park Atlanta/Peachtree Corners to the southwest.
Amenities include a resident business center, a cyber/internet café, a game room, fitness center, spin studio, two swimming pools featuring a cabana with a sundeck, a playground, a dog park, tennis courts and walking/jogging trails. The property is currently 94 percent leased.
For more information about Cushman & Wakefield’s Southeast Multifamily Advisory Group, visit multifamily.cushwake.com.