ATLANTA—Riverstone, a 220-unit multifamily community located in Macon, GA, has traded hands. The sale price: $27.5 million.
Cushman & Wakefield's Southeast Multifamily Advisory Group arranged the sale. Robert Stickel represented the seller, H Katz Capital Group. Kole Management Company acquired the property.
“Riverstone is a top-tier asset with an outstanding amenity package and convenient access to premier job centers throughout central Georgia,” says Stickel. The CushWake group closed $3.6 billion in sales volume in 2016, totaling 223 deals and nearly 50,000 units.
Built in 2012, the multifamily property is located at the crossroads of Interstates 75 and 16, less than a mile from the city's premier lifestyle center, The Shoppes at River Crossing. Riverstone is 95%d occupied and includes a resort-style swimming pool, a fitness center, a business center, a playground and a clubhouse.
Roswell, Peachtree City and Macon are all attracting investors making strategic acquisitions. Greater Macon has a population of about 650,000 in an area 50 miles in diameter, including Robins Air Force Base and Mercer.
“Much like 2016, competition for investments is fierce,” Todd Stofflet, managing partner at KIG CRE, tells GlobeSt.com. “We don't expect this to change as multifamily is still the desired acquisition. Although rent growth is slowing, consider it compared to historical averages. Rent growth is still strong in most parts of the county. Look to stabile neighborhoods outside the city centers. Many dollar-conscious renters are looking there for viable alternatives to $3-plus per square foot rent.”
What's driving the demand for better apartment living in Atlanta? Find out. And check out this particularly supply-constrained multifamily market.
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