ATLANTA, GA - Triumph Properties purchased Sugarloaf Grove, a 194-unit apartment community built in 2020, located in Lawrenceville, GA. This was an off-market acquisition that Triumph was able to take advantage of due to their ability to move quickly with an offer, due diligence, and closing. Triumph closed all-cash with no loan, for a total purchase price of $50,440,000.
The property offers state of the art amenities, including a poolside gym with roll up doors, a large Baja shelf in the pool, and a bark bar for residents to interact while spending time with their pets. Select units also feature large, fenced-in backyards with wooded views.
In May 2021, Triumph Properties formed a JV Partnership with GMF Capital to purchase Azalea at West Melbourne, a 316-unit apartment community built in 2020, located in Melbourne, FL. The Property offers large units, home-like finishes, and a resort style list of amenities, including two on-site lakes. Due to its strategic location, Azalea at West Melbourne is poised to take advantage of the growing aerospace and defense contracting boom that has been a driving force behind the economy.
Additionally, Triumph Properties purchased Main Street Lofts at Verrado, a 45-unit apartment community, that is part of a mixed-use development forming the heart of downtown Verrado in Phoenix, AZ. The property was purchased in July 2021 for $10,500,000 all-cash, as an off-market transaction, with Berkadia representing Triumph Properties.
Built in 2004, the units offer unique floorplans, with select units featuring loft layouts, expansive ceilings, and spacious floor plans. The property is central to the immaculate master planned Verrado Community. It sits above desirable retail, restaurants, grocery stores, and is steps away from the impressive Center on Main, featuring Verrado's large community gym, pool, and recreation facilities. Triumph intends to make interior unit improvements and elevate the residents' living experience.
These three acquisitions fulfill Triumph Properties' strategy of acquiring newer assets at a favorable basis and cap rate, compared to older value add deals. Triumph is looking to acquire another $150 million of suburban, garden apartments that are currently in lease up or finishing construction. Land acquisition for development, and JV development opportunities are also part of Triumph's near-term investment strategy. Target markets include Phoenix, Denver, Salt Lake City, Atlanta, Tampa, Charlotte, Raleigh/Durham, Nashville, and Las Vegas.