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Redwood Buys Collier Ridge Apartments

ATLANTA-The Chicago-based investor pays $33.2 million for the 300-unit complex near I-75.

By Carl Cronan | Updated on July 11, 2008

ATLANTA-Redwood Capital Partners has made its first multifamily acquisition in the market, buying the 300-unit Collier Ridge Apartments near Interstate 75 from Equity Residential Properties Trust. The sale price was $33.2 million or $110,667 per unit, according to Databank Inc., and the new owner plans an additional $3.6 million worth of renovations.

Chicago-based Redwood bought the Buckhead area property in partnership with MetLife Real Estate and plans to retain it as rental housing. Collier Ridge marks the firm’s fifth purchase in the last six months, says David Carlson, Redwood managing principal.

Carlson, who worked with fellow Redwood principal Mark Isaacson on the acquisition, says he believes Collier Ridge is in a solid location to increase tenancy and command higher rents. The 39-acre complex, well inside the Interstate 285 perimeter in Fulton County, was built in 1980 and offers two- and three-bedroom units averaging 1,420 sf with monthly rents averaging $990 per unit.

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