StoneBridge Investments of Washington, DC has acquired 550 Abernathy Apartments, a 228-unit apartment community in the greater Atlanta submarket of Sandy Springs, for $31 million. The seller, an entity controlled by Harbor Group, was represented by Kevin Geiger of CBRE.
The property is located at 550 Abernathy Road NE within Perimeter Center, a fast-growing “edge city” that encompasses three small cities: Brookhaven, Dunwoody, and Sandy Springs. It is Atlanta’s largest employment center, with over 123,000 employees, 31 million SF of office space, three major hospitals, and six million SF of retail space including the 1.5 million SF Perimeter Center Mall.
Across the road from the property is the new $100 million US headquarters for Mercedes Benz, scheduled to open in 2018 and employ some 1,000 people. Adjacent to the automaker’s offices, ground has been broken for a 76-acre mixed-use development that will bring a mixture of commercial space and luxury homes to the immediate neighborhood.
The new ownership plans to invest substantially in improvements to both individual apartments and shared amenities. Unit enhancements will include granite countertops, hard-surface flooring, and more open floor plans. A fully renovated clubhouse and pool will be complemented with new outdoor living features including a fire pit, outdoor kitchen, and poolside cabanas. Building exteriors and landscaping will receive a makeover as well.
“Coming on the heels of our recent acquisition of Beech’s Farm apartments in Columbia, Maryland, 550 Abernathy provides another attractive opportunity for our investors,” said William Bateman, Director, StoneBridge Investments. “One of the nation’s fastest-growing markets, Atlanta’s economy is expected to expand by nearly 15 percent over the next several years, with a significant amount of that growth focused on Perimeter Center.”
“We were initially attracted to the property because of its especially large floorplans, wooded park-like setting, and outstanding location and visibility on Abernathy Road,” Bateman continued. “Through a value-add program, we can provide our residents with modern amenities, larger than average living spaces, and the feel of new construction at much lower rental rates than comparable newer product.”
ZRS Management, an affiliate of StoneBridge, will manage 550 Abernathy. ZRS currently manages nearly more than 32,000 apartment units nationwide. For more information, visit www.zrsmanagement.com.
Active since 1980, StoneBridge and its affiliates have acquired and developed more than $1.7 billion in real estate, primarily in the multifamily sector, for foreign and domestic investors. The company’s strong track record and extensive network of relationships allows it to quickly and efficiently identify and pursue new opportunities, many of which are off-market transactions. The company’s target markets include the Washington-Baltimore area, the Carolinas, Georgia, Florida, and Texas. It has offices in Washington, DC and Amsterdam. For more information, visit www.stonebridgeinvestments.com.