ATLANTA, GA - Lion Real Estate Group, a real estate investment and asset management firm focused on acquiring value-add and opportunistic multifamily properties, announced it has acquired Collier Ridge (100 Noble Creek Drive), a 300-unit multifamily property located in West Buckhead, Atlanta, GA, for $67 million. Further terms of the sale were not disclosed.
The property, which was first built in 1980, offers full amenities, including a resort-style pool, lit tennis court, playground, fitness center, and dog park. The transaction reflects a price of $223,000 per unit, or $157 per square foot.
"We are delighted to expand the Atlanta section of our portfolio with another acquisition outside of the city's urban core," said Jeff Weller, Co-Founder and Managing Principal of LREG. "The city has become a domestic leader in terms of job prospects, rent collection resiliency, and multifamily market performance, making it an attractive destination to deploy capital and realize promising returns alongside our investors."
Prior to selling, Collier Ridge completed premium renovations to 60 percent of its units, upgrading them with new cabinetry, stainless steel appliances, vinyl flooring, granite countertops, and subway tile backsplashes. As part of this transaction, LREG will implement a three-year $2.8 million renovation plan to upgrade the remaining units, increase the Property's curb appeal, and bring rents in line with market rates.
"We have acquired this asset at what we consider to be a very fair price compared to similar properties in the market," said Mory Barak, Co-Founder and Managing Principal of LREG. "Between our planned renovations, the affluent submarket's convenient access to a world-class airport, and its close proximity to both Midtown and Downtown Atlanta, we are confident Collier Ridge will generate a significant increase in value over time."
Starting at 1,336 square feet, the Collier's units are 300 square feet larger, on average, than units within comparable properties. Sixty-two percent of Collier Ridge units are two-bedroom, two-and-a-half bath townhomes catering to families, and the property is situated close to the highly coveted Morris Brandon Elementary School.
The transaction marks LREG's newest addition to its portfolio of multifamily properties in Atlanta. In September 2020, the firm purchased 584 apartment units across two buildings – Everly Apartments and Domain Apartments – for a combined $83.25 million. LREG's estimated value of real estate and cash assets under management is approximately $1 billion as of March 31, 2021.
CBRE represented both sides in the Collier Ridge transaction. The team comprised of Shea Campbell, Kevin Geiger, Ashish Cholia, and Colleen Hendrix.