ATLANTA, GA - Berkshire Group, a real estate investment management company known for its vertically-integrated operating platform and experience in the multifamily sector, tannounced that an affiliate of the Company has acquired Crescent Terminus, a 355-unit, Class-A apartment community completed in 2014 and located in the Buckhead submarket of Atlanta, Georgia.
Specific financial terms of the deal were not disclosed. The property was acquired from Crescent Communities. The acquisition is the first of a portfolio of six properties in major markets in the Southeastern U.S., totaling 1,700 units, which Berkshire expects to acquire from Crescent Communities.
“The acquisition of Crescent Terminus is illustrative of our multifamily investment strategy — focusing on properties in markets with favorable expected growth prospects and strong underlying fundamentals, as well as close proximity to major employers,” said David Olney, Managing Director and Head of Multifamily Investments of Berkshire Group. “Atlanta is expected to be one of the fastest growing metropolitan regions in the U.S. over the next five years, in terms of both population and employment growth. We view Crescent Terminus as an attractive community and investment opportunity - we believe it will garner demand from residents who desire a modern apartment community with state-of-the-art amenities, centrally-located in Buckhead, one of Atlanta’s premier neighborhoods, with easy access to numerous professional and entertainment options."
Crescent Terminus is located at the nexus of two major roadways, Piedmont and Peachtree, and offers close proximity to public transit. Buckhead is one of the largest office markets in Atlanta, and the property is surrounded by office towers and hotels, and within walking distance of high-end restaurant, retail and entertainment venues.
Crescent Terminus is a three-building complex comprised of studio, one- and two-bedroom units. The property offers tenants access to common areas that include two rooftop terraces, a pool with sundeck, fitness center, tech center, club room, fire pits and grilling areas.
Berkshire Communities, the property management division of Berkshire Group, will manage the apartment community.