SANDY SPRINGS, GA – Cushman & Wakefield announced today that the commercial real estate services firm has arranged the sale of Park at Abernathy Square, a 484-unit apartment community located in Sandy Springs, GA. The final sales price was $132.6 million, equating to more than $274,000 per unit.
Mike Kemether, Travis Presnell, and James Wilber of Cushman & Wakefield represented the seller, Clark Ventures, in the transaction. The property was acquired by Stockbridge Capital Group, a private equity real estate firm.
"Park at Abernathy Square competes well with much newer vintage properties,” said Kemether, Executive Vice Chair at Cushman & Wakefield. “With several new amenities and improvements to the property interiors, Park at Abernathy Square will serve its new owner extremely well, especially given its position in the high barrier to entry Sandy Springs submarket here in Atlanta."
Built in 1977 and renovated in 2019, Park at Abernathy Square is located off of Georgia-400 in Sandy Springs. The community features a brand-new clubhouse and pool, units averaging more than 1,100 square feet, and is embedded in one of metro Atlanta’s top employment hubs. Buckhead, Roswell, and Alpharetta are easily accessible, along with a number of retail, entertainment and recreational destinations.
Cushman & Wakefield’s Sunbelt Multifamily Advisory Group ranks No. 1 in Sunbelt market share based on over 250 transactions and $6.2 billion in multifamily and land investment sales in 2020 (Source: Real Capital Analytics www.rcanalytics.com). Market share reflects number of sales for Alabama, Arkansas, Northwest Florida, Georgia, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee and Texas.
About Cushman & Wakefield: Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in over 400 offices and 60 countries. In 2020, the firm had revenue of $7.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.