LAWRENCEVILLE, GA – CBRE has finalized the sale of Madison at River Sound apartment community in Lawrenceville, GA. CBRE’s Shea Campbell and Kevin Geiger of the Southeast Multifamily Group led the sale on behalf of a partnership owned by B&M Management and Madison International Realty, LLC.
The property sold for $58.3 million to Investors Management Group (IMG). The 586-unit community features spacious interiors, 9-ft ceilings, two-tier swimming pool and an updated clubhouse. Madison at River Sound enjoys frontage along Highway 316 and is located within walking distance of Georgia Gwinnett College, the fastest growing four-year public college in the state.
“This transaction illustrates the investor appetite for quality, multifamily assets in the northern suburbs of Atlanta,” Campbell said. “With limited new supply in submarkets like Lawrenceville, investing in value-add assets such as Madison at River Sound is well-timed. The community is ripe with opportunity to increase rents with the proper combination of interior, exterior and amenity upgrades.”
CBRE has identified that Atlanta’s multifamily market is healthier than it has been in nearly a decade, hitting levels of activity that exceed pre-recession figures. As the market continues to thrive, the multifamily sector in Atlanta is poised for success in 2015. The city’s absorption is in line with the national multifamily trend, in which the national annual multifamily absorption is at its highest level since 2010, with a national vacancy rate of 4.6 percent and a year-over-year average rent increase of 5.3 percent – the strongest annual increase since 2005.
“Our partnership with B&M Management has been highly successful and we look forward to the opportunity to work with them again,” Ronald Dickerman, Madison International’s president and founder said.
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.
About Madison International Realty: Madison International Realty is a leading liquidity provider to real estate investors worldwide. Madison provides joint venture and preferred equity capital for real estate owners and investors that are looking to de-lever their properties; seek an exit strategy; or where existing sponsors seek to sell a portion of their ownership position. The firm provides equity for recapitalizations, partner buyouts and capital infusions; and acquires joint venture, limited partner and co-investment interests as principals. Madison invests only in secondary transactions and focuses solely on existing properties and portfolios in the U.S., U.K., and Western Europe. Madison has offices in New York, London and Frankfurt, Germany, where the firm operates under the name of Madison Real Estate.