ATLANTA—Trees of Avalon, a 500-unit multifamily community built in 2009, has traded hands. The sale price: $58.6 million.
Cushman & Wakefield's Southeast Multifamily Advisory Group arranged the $58.6 million multifamily sale. Chris Spain and Alex Brown represented the seller, Watkins Real Estate Group, in the transaction. Fairfield Residential acquired the property.
“This was Fairfield's first acquisition in the South Atlanta submarket,” Brown tells GlobeSt.com. “The high-end industrial employment base, stellar population growth, and demographics in McDonough were a perfect fit for their fund.”
The multifamily asset is located in McDonough, GA. McDonough has one of the most underrated growth stories in metro Atlanta, with high population growth, a thriving industrial market and a minimal development pipeline.
“As a well-built asset with completely original interiors, Trees of Avalon was a rare property with excellent value-add potential and a great basis relative to replacement cost,” Brown says. Trees of Avalon is positioned to benefit from the rapidly expanding surrounding retail and industrial development.
Henry County's rapid population and economic growth has attracted national retailers. Its heavily traveled Interstate 75 corridor is a 2.7 million-square-foot super-regional and still-growing destination retail magnet, with 500,000 square feet in new retail/mixed-use developments planned.
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