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G&E Acquires 312-Unit Community

ATLANTA-The Retreat at Peachtree City was purchased on behalf of TIC investors.

By Crystal Proenza | Updated on September 04, 2008

ATLANTA-Grubb & Ellis Realty Investors LLC has acquired the Retreat at Peachtree City, a 312-unit, 94% occupied apartment community on behalf of tenant-in-common investors. The property was purchased from AMLI Residential and Prudential, but terms of the deal were not disclosed. Financing was provided by Teacher’s Insurance and Annuity Association, arranged by Capstone Realty Advisors.

“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.

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