"Peachtree City is one of the first and largest planned communities," says Gus Remppies, senior vice president of multifamily for Grubb & Ellis. "It has very high demographics—within one mile home prices are north of $2 million."
Developed in 1959, the entire planned community has a total of nine apartment communities, five of which are subsidized or rent controlled. It is close to over 80 local restaurants and two large shopping centers: the 185,000-sf Avenue at Peachtree City and the 285,000-sf Kedron Village Shopping Center.
The Retreat at Peachtree City, at 1600 Barberry Lane, was built in 1998 on 26 acres and was very well maintained, especially in terms of roofing, paint, parking and pavement, according to Remppies. The new owner plans to make interior upgrades to the apartments, including new lighting and countertops, as they become vacant over the next 24 months.
The units average 980 sf with average effective rents at $955 per month, which will be driven upward after renovations, says Remppies. Amenities at the complex include a swimming pool, tennis court, fitness center, storage units, executive business center and direct access to the overall planned community's 90-mile walking and golf cart trail.
Lack of zoning for other multifamily development in Peachtree City made the property especially attractive to Grubb & Ellis, Remppies explains. "There's not much competition because there is no new multifamily construction," he says.
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