ATLANTA, GA - CBRE has finalized the sale of Lakeside Village apartment community in Atlanta, Ga. CBRE’s Shea Campbell and Kevin Geiger of the Southeast Multifamily Group led the sale on behalf of Arenda Capital Management LLC, a private investment firm based on Los Angeles, Calif.
The property sold for $23 million to FPA Multifamily, which recently expanded to include an Atlanta office. The 310-unit community features some of the largest floorplans in the submarket that average 1,400 sq. ft. Consisting of 50 acres, Lakeside Village offers an expansive amenity package highlighted by a scenic lake and walking trail in the middle of the community. Lakeside Village enjoys access to some of DeKalb County’s best schools and is located within a mile of I-285, Atlanta’s outer perimeter that provides connectivity to major employment hubs.
“Investors continue to seek well-located, value-add opportunities in Atlanta, especially in submarkets that are experiencing limited to no new supply. Lakeside Village offers the large unit size and proven upside that new ownership can take to the next level, “ Campbell said. FPA plans further interior and amenity renovations as well as a rebranding of the community to “The Estuary.”
According to CBRE Econometric Advisors (CBRE-EA), the Atlanta multifamily market continues to perform at extraordinary levels. With occupancy at the highest level (94%) since 2006, rent inflation continued its upward trajectory reaching 7.4% in 2014. As the market continues to thrive, the multifamily sector in Atlanta is poised for success in the second half of 2015. Specific to the North DeKalb submarket, Same Store Rent Index (average $ rent/unit) is forecasted to surpass $1,075, the highest ever in the submarket.
About CBRE Group, Inc. CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com