ATLANTA—Landmark at Creekside Grand, a multifamily property in East Point, GA, has traded hands. Financial terms of the deal were not disclosed.
Led by principals Shawn Collins and Neil Herceg, Blackmount Real Estate Partners acquired the townhome asset. The deal marks Blackmount's first purchase in metro Atlanta. CBRE's Shea Campbell represented the seller.
“Atlanta remains a desirable multifamily market, with almost six million residents and a projected growth of over 7% through 2020,” Campbell tells GlobeSt.com. “The tremendous job growth of more than 300,000 new jobs in the last five years, coupled with a sharp reduction in multifamily construction after 2017, has investors recognizing the potential in the existing projects throughout metro Atlanta.”
Located in the rapidly evolving area of South Fulton, the townhome community provides walkability and easy access to Interstate 285 and Hartsfield Jackson International Airport. Landmark at Creekside Grand is on the border of an 800,000-square-foot shopping center with several restaurants and major retailers. The multifamily property offers personal patios, two swimming pools, tennis courts, a fitness center, car washes and a conference room, among other amenities.
“Due to the unique all townhome construction, history of top tier institutional ownership and the optionality offered between the property's two distinct phases, we will be able to execute a business plan that provides resident with the modern amenities and interior finishes they desire while providing a stable, consistent return for our investors,” Collins tells GlobeSt.com.
Meanwhile, a new luxury multifamily asset is rising in Midtown.
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