BEACH INVESTMENT MANAGEMENT ACQUIRES ATLANTA-AREA APARTMENTS FOR $19M
Today, Beach Investment Management, an affiliate of The Beach Company, announced the $19 million acquisition of Reserve at Sweetwater Creek, a 156-unit garden-style multifamily community in the Atlanta metropolitan region of Austell, Ga.
The apartment community is ideally located north of the Interstate 20 thoroughfare, a major east-west highway providing immediate access to the Atlanta CBD and to major transit roads via access to the Interstate 285 perimeter.
“Reserve at Sweetwater Creek presents a solid opportunity to acquire a well-located asset in a growing corridor at an attractive basis well below replacement costs with an impressive organic rent growth history and proven value-add program,” said Leonard Way, vice president of investment management at Beach Investment Management.
Built in 1988, Reserve at Sweetwater Creek features one- and two-bedroom floorplans ranging from 650 to 1,000 square feet and an amenity package that includes a swimming pool with outdoor kitchen, new fitness center, tennis court, laundry facility and cyber lounge.
Beach Investment Management plans to extend the prior ownership’s interior unit upgrade package with renovations including the addition of stainless-steel appliances, granite countertops and modern fixtures. The company also plans to replace roofs throughout the property and to convert the existing tennis court into an outdoor fitness center and a gazebo with a grilling area.
Darby Parker of The Beach Company represented Beach Investment Management in the deal and Nate Swenson and Travis Presnell of Cushman & Wakefield represented the seller, Arcan Capital. The loan was brokered by Jimmy Meadows of Berkadia Commercial Mortgage.