CBRE has arranged the sale of a 308-unit multifamily property in Peachtree Corners, Georgia, north of Atlanta. Corners 1700 traded from M Banks Realty, a Sage Equities subsidiary to Bridge Investment Group.
CBRE’s Shea
Campbell represented the seller.
Corners 1700 is in a major employment hub with proximity to an active office market, the fast-growing Interstate-85 industrial corridor and Gwinnett County, which alone offers more than 460,000 jobs. The property is zoned in a top school district, which presented a rare opportunity for investors to enter the vibrant Peachtree Corners market with a value-add asset.
Corners 1700 not only benefits from its proximity to outside employment hubs, but it is also in the middle of Atlanta’s largest and fastest-growing jobs center, as Gwinnett County employs 462,438 workers, falling just short of Downtown, Buckhead, Midtown, Perimeter Center and Alpharetta combined.
“Gwinnett
County is a titan of economic development,” Campbell said. “Though just outside
of the Gateway85 Community Improvement District, Corners 1700 reaps the
benefits of the organization, which is poised to improve the surrounding area
by raising property values and providing economic development incentives.”
Atlanta’s multifamily market continues to rank
among the top performing markets in the U.S. As one of the fastest-growing job
and population growth markets, Atlanta draws multifamily investors nationally
and internationally. The multifamily market is expected to continue to thrive
as the city attracts more residents, corporations and entertainment.
