Across the road from the property is the new $100 million US headquarters for Mercedes Benz, scheduled to open in 2018 and employ some 1,000 people. Next to the automaker's offices, ground has been broken for a 76-acre mixed-use development that will bring a mixture of commercial real estate space and luxury homes to the immediate neighborhood.

The new ownership plans to invest in improvements to both individual multifamily units and shared amenities. Granite countertops, hard-surface flooring, and more open floor plans are among the plans. A fully renovated clubhouse and pool will be complemented with new outdoor living features including a fire pit, outdoor kitchen, and poolside cabanas. Building exteriors and landscaping will receive a makeover as well.

“We were initially attracted to the property because of its especially large floorplans, wooded park-like setting, and outstanding location and visibility on Abernathy Road,” Bateman says. “Through a value-add program, we can provide our residents with modern amenities, larger than average living spaces, and the feel of new construction at much lower rental rates than comparable newer product.”

ZRS Management, an affiliate of StoneBridge, will manage 550 Abernathy. ZRS currently manages nearly more than 32,000 apartment units nationwide.

Several economic factors have resulted in net positives for the multifamily sector and prices in core markets are at an all-time high. But just how long can the market continue on this trajectory? Join us at RealShare Apartments East on Feb. 28 and March 1 for insights on succeeding in the right markets as well as navigating and finding opportunities in the more challenging ones. Learn more.

ATLANTA—550 Abernathy Apartments, a 228-unit multifamily community in the greater Atlanta submarket of Sandy Springs, GA, has traded hands. The sale price: $31 million.

StoneBridge Investments acquired the multifamily asset in an especially hot market. The seller is an entity controlled by Harbor Group. Kevin Geiger of CBRE represented the seller.

550 Abernathy is located at 550 Abernathy Road Northeast within Perimeter Center, a fast-growing “edge city” that encompasses three small cities: Brookhaven, Dunwoody, and Sandy Springs. It is Atlanta's largest employment center, with over 123,000 employees, 31 million square feet of office space, three major hospitals, and 6 million square feet of retail space including the 1.5 million square feet of Perimeter Center Mall. Carter and Selig recently got in on the action there.

“The location in Sandy Springs was very attractive to us because of the affluent demographics—$91,000 average household income within a one mile radius—as well as easy access to major thoroughfares, including I-285, GA-400, and Roswell Road, and proximity to major office and retail,” William Bateman, director of StoneBridge Investments, tells GlobeSt.com. “Within a short drive of the property is Perimeter Center—Atlanta's largest employment center. With recent announcements of significant investment and growth by companies like State Farm and Mercedes, Perimeter Center is poised to continue to grow and maintain its spot among the top places to be in Atlanta.”

Across the road from the property is the new $100 million US headquarters for Mercedes Benz, scheduled to open in 2018 and employ some 1,000 people. Next to the automaker's offices, ground has been broken for a 76-acre mixed-use development that will bring a mixture of commercial real estate space and luxury homes to the immediate neighborhood.

The new ownership plans to invest in improvements to both individual multifamily units and shared amenities. Granite countertops, hard-surface flooring, and more open floor plans are among the plans. A fully renovated clubhouse and pool will be complemented with new outdoor living features including a fire pit, outdoor kitchen, and poolside cabanas. Building exteriors and landscaping will receive a makeover as well.

“We were initially attracted to the property because of its especially large floorplans, wooded park-like setting, and outstanding location and visibility on Abernathy Road,” Bateman says. “Through a value-add program, we can provide our residents with modern amenities, larger than average living spaces, and the feel of new construction at much lower rental rates than comparable newer product.”

ZRS Management, an affiliate of StoneBridge, will manage 550 Abernathy. ZRS currently manages nearly more than 32,000 apartment units nationwide.

Several economic factors have resulted in net positives for the multifamily sector and prices in core markets are at an all-time high. But just how long can the market continue on this trajectory? Join us at RealShare Apartments East on Feb. 28 and March 1 for insights on succeeding in the right markets as well as navigating and finding opportunities in the more challenging ones. Learn more.