ATLANTA, GA - Cushman & Wakefield announced that the commercial real estate services firm arranged the $91 million sale of The Reserve at Sugarloaf, a 333-unit multifamily community located in Duluth, Georgia at 2605 Meadow Church Rd.
Cushman & Wakefield’s Robert Stickel, Alex Brown, Ashlyn Warren, and Wesley Lacefield represented the seller, an institutional client of New York Life Real Estate Investors, in the transaction. The multifamily community was acquired by Olen Properties.
“New York Life Real Estate Investors strategically improved a timeless asset that featured large floor plans, garages, and unique amenities. Their hold period lined up well with a window in the capital markets where they could see an overwhelming amount of attention from investors, resulting in a successful sale,” said Robert Stickel, Executive Vice Chair at Cushman & Wakefield.
Built in 2002, The Reserve at Sugarloaf is located in Atlanta’s rapidly growing I-85 North Corridor. The multifamily community provides access to more than 1 million jobs and its strategic positioning in one of the city’s strongest suburban markets allows the property to directly benefit from Gwinnett County’s stout demographics and top-tier schools.
The core plus asset features a thoughtful site plan with uniquely spacious floorplans averaging 1,225 square feet and expansive amenities like an outdoor and indoor fitness center, pool, pet park, internet café, and car care center. In addition, the property is primed for substantial long-term growth through a proven renovation strategy and is already seeing short-term growth thanks to recent robust lease trade-outs.
“Olen Properties has a specific acquisition profile, and The Reserve at Sugarloaf fit their needs perfectly. They were attracted to this asset for its timeless aesthetic, large floor plans, and high-quality schools,” added Alex Brown, Executive Managing Director at Cushman & Wakefield.
Cushman & Wakefield’s Sunbelt Multifamily Advisory Group is a 109-person investment sales team covering 11 states with No. 1 multifamily market share in that region based on sales volume and transactions reported to CoStar. Per Cushman & Wakefield, in 2022, the group closed $11.1 billion in sales volume through 360 deals and over 60,300 units. For more information about the Sunbelt Multifamily Advisory Group, visit multifamily.cushwake.com
About Cushman & Wakefield: Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in approximately 400 offices and 60 countries. In 2022, the firm reported revenue of $10.1 billion across its core services of property, facilities and project management, leasing, capital markets, and valuation and other services. It also receives numerous industry and business accolades for its award-winning culture and commitment to Diversity, Equity and Inclusion (DEI), Environmental, Social and Governance (ESG) and more. For additional information, visit www.cushmanwakefield.com