Northridge Vista, 550 Northridge Pkwy, Sandy Springs, GA
SANDY SPRINGS, GA—Hudson Capital Properties, a multifamily real estate investment and development firm focused on value-added acquisitions in Southeastern US markets, is acquiring Northridge Vista, 550 Northridge Parkway, Sandy Springs, GA, a new 220-unit residential community for $49 million, from a joint venture of Atlanta-based Vista Realty Partners and Lubert-Adler of Philadelphia.
“The Sandy Springs area has experienced strong and steady population growth over the past decade, making the acquisition of Northridge a terrific, long-term hold investment opportunity,” says Robert B. Cohen II, chief investment officer of HCP. “The community, which was built last year utilizing a rare wood frame construction process, is poised to benefit from the anticipated continued strong business presence in the market.”
Northridge Vista offers high-end homes to residents with outstanding access to both GA-400 and Roswell Road, the North Springs MARTA train station and downtown Roswell nightlife, as well as the Buckhead, Perimeter Center and Alpharetta office corridors. The community is also a 10-minute drive from City Walk Sandy Springs and near Chattahoochee Nature Center and several walking trails. The area is experiencing continued employment growth due to several major corporate expansions and relocations, including Mercedes Benz and State Farm Insurance. The Sandy Springs/Dunwoody submarket also has a high share of college-educated households, with incomes exceeding the Atlanta metro average.
HCP targets assets that deliver immediate value through improved cash flow by seeking properties valued at or below their replacement cost, with attractive stabilized yields, and have the potential to add value through capital improvements. HCP's target markets have high barriers-to-entry and supply constraints with regard to properties located in established neighborhoods, CBDs and in educational and medical centers and often in state capitals. HCP is an expert at sourcing deals, frequently transacting with capital constrained sellers that have completed some phases of value add, and with sponsor groups seeking early exit following a quick uptick in value.
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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].
