StoneBridge Investments of Washington, DC has acquired Veridian at Sandy Springs, a 272-unit apartment community in the greater Atlanta submarket of Sandy Springs, for $32 million. The seller, a fund managed by Covenant Capital Group, LLC, was represented by Mike Kemether and Travis Presnell of Cushman & Wakefield. Elliott Throne, Gregg Shapiro, and Ware Shipman of HFF secured acquisition financing through a Freddie Mac loan.
Built in 1980 and extensively renovated, Veridian is located at 1800 Windridge Drive within the 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 more than 123,000 employees, 31 million square feet of office space, three major hospitals, and six million SF of retail space including the 1.5 million SF Perimeter Center Mall.
“Having acquired a neighboring apartment community, 550 Abernathy, earlier this year, we remain bullish on fast-growing Atlanta and particularly the Perimeter Center market,” said William Bateman, Director, StoneBridge Investments. “Veridian at Sandy Springs presents our investors with attractive in-place yield as well as continuing rent growth over the coming years, at a price substantially below replacement cost. Due to the recently completed $5 million renovation, little additional capital investment is required going forward, thus providing investors with strong cash flow immediately out of the gate, as well as attractive risk-adjusted returns over the hold period.”
Veridian at Sandy Springs comprises 17 low-rise buildings on a 26.5-acre wooded site with frontage on Roswell Road. Amenities include a pool, sundeck, tennis court, fitness center, clubhouse, cyber lounge, pavilion and picnic areas, and a “bark park.”
Residents enjoy easy access to nearly 600,000 jobs in the Atlanta metro area via Georgia 400, just a half a mile away. Also nearby is an extensive collection of restaurants and retail destinations in Sandy Springs, Roswell, and Alpharetta.
With the nation’s tenth largest GDP, Atlanta has become the economic capital of the Southeast and a global business hub. A new cycle of economic expansion is underway, led by commitments from major corporations including State Farm, Mercedes-Benz, Porsche, Kaiser Permanente, KPMG, Google, WorldPay, GE, NCR, Honeywell, and Anthem. Emerging growth sectors include filmmaking, mobile technology, supply chain management, Internet security, healthcare IT, and payments processing. The metro region is expected to add 2.5 million residents and 1.5 million jobs by 2040.
ZRS Management, an affiliate of StoneBridge, will manage Veridian at Sandy Spring. ZRS currently manages nearly more than 32,000 apartment units nationwide. For more information, visit www.zrsmanagement.com.