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SANDY SPRINGS, GA-Irvine, CA-based the Bascom Group LLC has acquired the 504-unit Stonebridge on Roswell apartment complex at 5675 Roswell Rd. Sharp Lakeview Atlanta LLC sold the property for an undisclosed price.
Sharp Lakeview Atlanta was represented by Paul Berry, of CB Richard Ellis. Debt and equity financing was arranged by Robert LaChapelle, Matthew Forgione, Brian Eisendrath and Troy Tegeler, of CBRE Melody. Bascom was represented in-house by Chad Sanderson and Paul Zakhary."This property is located in a very strong submarket of Atlanta," Sanderson tells GlobeSt.com. "There is a lot of development going on in the area including Prado, a 350,000-sf retail center."
Built in 1970 and 1972, the property sits on 39.5 acres and includes a swimming pool, tennis courts, fitness center, business center, car care center, laundry facilities and leasing center. The complex consists of 184 units with one bedroom and one bathroom, 272 units with two bedrooms and two bathrooms and 48 units with three bedrooms and two bathrooms. Units range in size from 900 sf to 1,649 sf and rents range from $868 to $1,270.
Bascom plans to make modest renovations to the property, including improvements and upgrades to the fitness center and other amenities. Interior improvements will include upgraded carpeting, flooring, counter resurfacing, upgraded fixtures and painting.
Among attributes of the property is its location, which provides access to Atlanta's central corridors such as Interstate 75, Interstate 285 and Roswell Road. The property is within close proximity to the Perimeter Center, which is anchored by the Perimeter Mall and contains 26 hotels.
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