ATLANTA—Landmark at Coventry Pointe, a 250-unit multifamily property in Lawrenceville, GA, has traded hands. Financial terms of the deal were not disclosed.
CBRE Capital Markets arranged the sale of the multifamily asset, which is located at 100 Veranda Chase Drive. CBRE's Shea Campbell represented the undisclosed seller in this transaction.
“Investors are flocking to suburban areas like Lawrenceville due to its population surge and offering of quality products like Coventry Pointe with enormous upside potential,” Campbell, senior vice president at CBRE Capital Markets, tells GlobeSt.com. “This community features some of the largest floor plans and is one of the few properties in the submarket that hasn't undergone wholesale interior renovations, providing a unique opportunity for the new owner.”
Siting in the high-growth Gwinnett County submarket, the community is within close proximity to 60 international company headquarters and just a few miles from the Interstate 85 corridor with immediate access to the Atlanta metro area. Starlight US Multi-Family (No. 1) Value-Add Fund acquired the value-add multifamily property.
Built in 2002, Landmark at Coventry Pointe is located on 35.5 acres and includes 17 residential buildings, a clubhouse with computer stations and kitchen, swimming pool, two tennis courts, dog park, carwash, laundry center, walking trail, and expansive playground area. The property is 95%.
Steadfast recently made a $35 million multifamily strike in Lawrenceville.
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