ATLANTA—Legacy Key, a 350-unit multifamily community in Sandy Springs, GA, has traded hands. Financial terms of the deal were not disclosed.
Cushman & Wakefield brokered the deal. CushWake's Mike Kemether, Josh Goldfarb, and Travis Presnell represented the seller, Investors Management Group, in the transaction. Bridge Acquisitions & Dispositions acquired the multifamily asset.
“Legacy Key will continue to perform well given the employment dynamics in the north Fulton corridor along with the lack of new multifamily development nearby,” Kemether tells Globest.com. “On top of that, roughly half of the units have original finishes so there is a large opportunity to increase rents through a continued interior renovation strategy.”
Legacy Key was originally built in 1979. The multifamily property recently underwent a $2.14 million repositioning, with approximately $6,000 per unit spent on exterior, interior and amenity renovations.
“I love the multifamily bet on Legacy Key,” Kemether says. “With all of the technology jobs just north of Legacy Key, and with State Farm's headquarters, Mercedes-Benz's headquarters and all of the Perimeter Center jobs just south of the property, its supremely positioned at the pinch-point between these two hubs.”
North Fulton is a multifamily hot spot. But find out why some believe Gwinnett County multifamily may have a greater future upside. And is Atlanta's multifamily pendulum likely to shift? Get one opinion.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
