The Grandstand, 3500 Windcliff Drive Southeast, Marietta, GA
MARIETTA, GA—Bridge Investment Group has acquired The Grandstand, a 680-unit multifamily property in Atlanta's Cumberland/Galleria submarket at 3500 Windcliff Drive Southeast in Marietta, GA from Castlegate Property Group. Situated in one of Atlanta's largest employment centers with 79,000 workers, residents at The Grandstand have immediate access to the new Interstate 75 express lanes.
CBRE's Shea Campbell represented Castlegate in the transaction. The price was not available, but according to Real Capital Analytics, a proprietary research database, the property was previously sold to Castlegate by Collins Group in February 2016 for $49.3 million, or $72,500 per unit.
“The Grandstand offers new ownership tremendous headroom given the significant rent spreads achieved by nearby, fully renovated communities,” says Campbell, a senior vice president at CBRE. “The Cumberland/Galleria area is deep into its transformation from what was once a stable, suburban office submarket into a vibrant, infill, live-work-play destination with the SunTrust Park and The Battery as major catalysts.”
Completed in 1986, The Grandstand's amenities include a newly renovated leasing office with business center and coffee lounge, two pools, a modern clubhouse, state-of-the-art fitness center, pet park, playground, and lighted tennis courts, among others.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
