Located at Peachtree Industrial Boulevard, the multifamily asset was built in 1985. Located at Peachtree Industrial Boulevard, the multifamily asset was built in 1985.
ATLANTA—Howell Bridge Apartments, a 256-unit multifamily community in the Atlanta suburb of Duluth, GA, has traded hands. Admiral Capital Group and McCann Realty Partners snapped up the two-story garden-style multifamily asset. The deal is Admiral’s third multifamily buy in the Atlanta MSA and marks its first joint venture with McCann. Located at Peachtree Industrial Boulevard, the multifamily asset was built in 1985. The property sits on 32 acres and is close to main thoroughfares in the northern Atlanta suburbs, as well as retail sites like Whole Foods, Target, Home Depot, and Starbucks. Atlanta based Pegasus Residential will manage the multifamily asset. “Howell Bridge fits our value-add strategy with near-term opportunities to significantly improve the overall positioning of the property, including interior, exterior and common space upgrades,” says Dan Bassichis , cofounder of Admiral. “McCann has a successful track-record of executing this strategy and we look forward to building a long-term partnership with them.” The joint venture’s business plan is focused on three multifamily value enhancement drivers: invest significant capital to repair deferred maintenance, upgrade the original 1985 unit interiors and amenities, and institutionalize the property management.  Howell Bridge Apartments fit the bill. “The suburban Atlanta apartment market continues to have strong rent growth due to job creation,” says Thomas Upson , vice president of acquisitions for McCann. “Repositioning the property by upgrading the exterior appearance, amenities, and unit interiors will allow us to provide a more positive experience for residents while increasing the value of the property.” Steven DeFrancis , CEO of Cortland Partners , is predicting multifamily can win big in 2016. He sees opportunities and he sees challenges. “The continued growth in rental rates has pushed many renters who may have previously been a candidate for the top-tier product into well-located alternatives,” Francis tells GlobeSt.com. “This trend has pushed—and will continue to push—high-quality renters that have been priced out of costly urbanized neighborhoods towards communities that offer a high-quality living experience at a lower cost than what is seen in newly developed communities.”  

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