(To read more on the multifamily market, click here.)
ATLANTA-Adding 312 units to its stable of metro area assets, the Bascom Group has paid $18.7 million for Shadow Pines. Sentinel Real Estate Corp. was the seller of the multifamily asset.
The property at 1067 Pitts Rd, in Sandy Springs traded for $59,936 per unit. It consists of 144 one-bedroom, 48 two-bedroom/one-bath, 92 two-bedroom/two-bath, 16 three-bedroom/two-bath apartments, and 12 three-bedroom, two-bath villas. The apartments range from 718 sf to 1,494 sf, with an 878-sf average. Monthly rents range from $660 to $1,060, according to Bascom officials.
Shadow Pines was built in 1980 and sits on 26.23 acres. The property features two swimming pools, three lighted tennis courts, a picnic area, reserved covered parking and a controlled-access gate. It has direct access to Highway 400 and Roswell Road.
Chad Sanderson, Jeffrey Fuller, and Erich Pryor of the Irvine, CA-based Bascom handled the transaction for their company. David Gutting and Todd Trepke of Cushman and Wakefield repped Sentinel. Debt and equity financing was arranged by Brian Eisendrath, Robert LaChapelle, Matthew Forgione, and Troy Tegeler from CBRE Melody. RAM Partners will be providing property management services.
Shadow Pines is Bascom's fourth buy in the Atlanta area in the past month. In December, the firm paid $11.4 million for the 207-unit Autumn Chase and $21.4 million for the 654-unit Crescent at Windy Hill, both in Marietta, as GlobeSt.com previously reported. In November, Bascom paid $7.5 million for the 218-unit Highland South Apartments in Jonesboro, as GlobeSt.com also previously reported.
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