Bridge Investment Acquires 680-Unit MF in Cumberland/Galleria
“The Grandstand offers new ownership tremendous headroom given the significant rent spreads achieved by nearby, fully renovated communities,” says Shea Campbell, a senior vice president at CBRE.
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.