Eagle's Brooke, 100 Malaga Way, Locust Grove, GA,
LOCUST GROVE, GA—A joint venture between Coastal Ridge Real Estate, a multifamily real estate investment firm, and Sefira Capital, a Miami-based boutique investment company, has acquired Eagle's Brooke, a 248-unit apartment community located on 31 acres at 100 Malaga Way in Locust Grove, GA, for about $34 million.
“This was a great opportunity for us to acquire a value-add apartment community in a high growth, limited supply market,” says Patrick McBride, managing partner of Coastal Ridge Real Estate. “We will implement a capital improvement plan which will include an interior renovation, landscaping and common area upgrades. We will look to grow our new relationship with Sefira Capital as they have proven to be a fantastic partner with a strong set of shared values and ambitions.”
The joint venture did not disclose the identity of the seller, but according to Real Capital Analytics, a proprietary research database that tracks commercial real estate transactions, the property was most recently owned by Wesley Apartment Homes, a Sandy Springs, GA, private investor with known interests in five assets that have an estimated property value of $212 million in and around Atlanta.
This marks the 12th acquisition in 2018 for Coastal Ridge and its first in the new joint venture with Sefira.
Built in 2009, Eagle's Brooke offers 120 one-bedroom/one-bathroom units, 104 two-bedroom/two-bathroom units and 24 three-bedroom/two-bathroom units with rents ranging from $957 to $1,396. The community features abundant parking, lush landscaping, park-like setting, residents' kitchen/lounge, swimming pool and controlled access gates. Unit amenities include patio/balcony, ceiling fans, nine-foot ceilings, garden tub, linen closet, separate dining area and walk-in closets.
Eagle's Brooke is in Henry County, one of Atlanta's top growth corridors with more than 16% projected population growth over the next five years. The community is minutes from the I-75/N McDonough Road interchange providing convenience access to abundant retail and high-income employment.
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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].
