DULUTH, GA - CBRE’s Capital Markets team announced the sale of The Paramont Apartment Homes, a 266-unit community in Duluth, Ga. CBRE’s Brad Simmel of the Southeast Multifamily Group exclusively represented the seller, MESA Capital Partners, a multifamily real estate investment company based in Atlanta, Georgia. CBRE’s Richard Jordan and Matt Forgione assisted the purchaser with the assumption of an existing loan.
M. Banks Realty Partners, focused on investments in Atlanta and the Southeast, acquired the property, located at 4201 Pleasant Lake Village Lane in Duluth on Nov. 4, 2015. Led by Marvin Banks, the group has been actively acquiring Atlanta multifamily properties.
The Paramont Apartment Homes community is situated in the Gwinnett Place submarket of Atlanta, one of the most active investment markets of the metro area. The community recently completed extensive exterior renovations and rebranding under MESA Capital Partners’ guidance, and increased the occupancy to more than 98 percent.
“Multifamily investors, particularly those focused on suburban communities in metro Atlanta, were attracted to the host of positives that The Paramont community offers,” Simmel said. “Strong occupancy, limited new construction, job growth and continued forecasts of annual rent growth make for a sound investment.”
A recent CBRE Research study found that Atlanta provides the nation’s highest investment return of 20.46 percent, followed by Denver at 15.76 percent. Investors are drawn to the Gwinnett Place area specifically because of the high occupancy and limited new development. Upcoming improvements to the area surrounding Gwinnett Place Mall increase demand for the suburban Class B options in growth corridors such as Gwinnett Place.
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 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 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