LILBURN, GA – CBRE Group has arranged the sale of Park Crossing Apartments at 2700 Park Crossing Way in Lilburn, Georgia. New Jersey-based Engineering Partners, a boutique investment firm, purchased the 280-unit community for $22.6 million to add to its multifamily portfolio.
CBRE’s Brad Simmel exclusively represented the seller, Ventron Management, in this transaction.
Built in 1985, the two and three-story suburban, garden-style property, that includes large one, two and three bedroom layouts, has maintained consistent tenancy with 98% occupancy in 2016.
With a limited amount of improvements to the community, the acquisition provides an ideal value-add option for new ownership. By updating the amenities and interior finishes, it offers the buyer an excellent opportunity to increase rents across all unit types, while appealing to current and future residents.
“Given that the metro Atlanta area has become the epicenter of the financial, technology and logistics sector– for both job and population growth – the northeast suburbs, including Lilburn, are projected to add more quality jobs, ensuring an ongoing demand for good housing options,” said Brad Simmel, Senior Vice President, CBRE.
With access to Atlanta Hartsfield-Jackson International Airport and the Interstate Highway system, the northeast submarket has become the largest industrial distribution center in Atlanta. As a powerful warehouse hub with 161 million square feet of space, and construction activity reaching a 10-year high in 2016, per CBRE’s U.S. Industrial & Logistics MarketView, a growing number of companies are moving to the area, creating a go-to a destination for potential tenants looking for multifamily properties to move into.