ATLANTA—1760 Apartment Homes, a 239-unit multifamily property in Lawrenceville, GA, has traded hands. The sale price: $49.6 million.
CBRE Capital Markets arranged the sale. CBRE's Shea Campbell, Paul Berry, and Steve Newbern represented the seller, LIV Development, in this transaction. Blaze Partners acquired the newly-built multifamily property.
The multifamily asset is located at 1760 Lakes Parkway in Gwinnett County's Lawrenceville. 1760 Apartment Homes is just off the GA 316 Sugarloaf Parkway exit/
“Gwinnett is the metro's second-largest county and is projected to surpass Fulton County as Atlanta's most populous in the future, which makes it an attractive investment market,” Campbell, senior vice president at CBRE Capital Markets, tells GlobeSt.com. “Demand for quality, urban-style housing in this high growth area is clearly illustrated in 1760's rapid lease-up pace and rent growth, promising continued success in the future.”
Built in 2017, the multifamily property is on 8.22 acres and includes four four-story residential buildings with elevators, a clubhouse with teaching kitchen, game room, cyber café, resort-style swimming pool, and expansive fitness center. The upscale community is within close proximity to a variety of restaurants and retail, Georgia Gwinnett College, and Gwinnett Medical Center.
Gwinnet's office market is also hot. Northwest Atlanta posted 85,913 square feet of net absorption gains during the quarter, pushing year-to-date totals up to 126,168 square feet. Central Perimeter rebounded with 35,202 square feet of direct office space absorbed during the quarter. Northeast Atlanta posted 78,658 square feet of quarterly losses, with the largest vacancy due to LSI Corp. giving up 57K SF at The Offices @ Gwinnett Commons.
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