ATLANTA, GA - Transwestern's Southeast Investment Services Group announced it brokered the disposition of Bristol Court apartments for $24 million, or $54,545 per unit. The 440-unit, garden-style community is located at 3655 Westchase Village Lane in Peachtree Corners, Georgia, and totals 381,496 square feet.
Transwestern Managing Directors Mike McGaughy and Jon Kleinberg represented the seller, Dallas-based ORIX. The property was acquired by Massachusetts-based Aspen Square Management.
"Bristol Court presented a highly attractive investment with a substantiated value-add opportunity through upgrades and a location in one of Atlanta's most sought-after suburban markets," said McGaughy. "The property has experienced dynamic operating performance with 95 percent average occupancy over the past year, steadily increasing operating revenue over the past three years and a 29 percent return on the rental rate premium of upgraded units."
Built in 1983, Bristol Court includes a mix of one-, two- and three-bedroom units in 50 buildings on 64 acres. Community amenities comprise two pools, two sport courts, a fitness center, clubhouse, playground and nature trails. Select units feature vaulted ceilings, fireplaces and walk-in closets.
The property's Peachtree Corners location offers exceptional access to Interstates 85 and 285, as well as proximity to major thoroughfares Peachtree Industrial Boulevard, Holcomb Bridge Road and Jimmy Carter Boulevard. Bristol Court is situated in Gwinnett County, Georgia's second most populated county, and minutes from key employment centers Technology Park Atlanta, The Forum and Peachtree Square. Gwinnett County is the headquarters for Fortune 500 companies AGCO Corp., NCR Corp. and RockTenn, as well as Fortune 1000 company Asbury Automotive Group.