ATLANTA—Madison at River Sound, a 586-unit multifamily community in the suburban city of Lawrenceville, GA, outside Atlanta, has traded hands. Financial terms of the deal were not disclosed.
American Landmark, one of the fastest-growing multifamily owner-operators in the country, acquired, the asset. Investors Management Group of Los Angeles sold the multifamily property. Berkadia arranged the financing.
“This was a great opportunity to acquire a well-located property in need of full renovation in an area where we have experience and depth,” says Christine DeFilippis, Chief Investment Officer of American Landmark. “The property is in one of the fastest growing suburbs of Atlanta, close to major employers including Cisco and Georgia Gwinnett College.”
This is American Landmark's third multifamily acquisition in suburban Atlanta in the past year. Belle Vista, in Lithonia, and Marbella Place, in Lawrenceville, are also newly acquired American Landmark properties. The company owns and operates over 60 multifamily communities across the Southeastern United States.
Built in 1996, Madison at River Sound is located at 980 Walther Boulevard and offers one-, two-and three-bedroom multifamily units. Multifamily community amenities include a clubhouse with a fitness center, resort-style swimming pool, dog park, tennis courts, and playground. The asset is situated about five minutes away from Lawrenceville Market Shopping Center, Georgia Gwinnet College and University Parkway, offering convenience and access to employers and educational institutions. The multifamily community is 94% occupied.
American Landmark plans to renovate apartment interiors and add more modern, luxurious details including plank flooring, new kitchen backsplashes, more modern cabinet hardware and sleek appliances, new countertops, and upgraded plumbing and lighting fixtures. Each apartment will also have its own washer and dryer unit.
“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.”
Steadfast recently made a $35 million multifamily strike in Lawrenceville.
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