ATLANTA, GA - Cushman & Wakefield announced the commercial real estate services firm has arranged the sale of Alexan Summerhill, a recently built 315-unit multifamily community in Atlanta’s Summerhill submarket.
Robert Stickel, Alex Brown, Ashlyn Warren, Michael Kay, and Sim Patrick of Cushman & Wakefield represented the sellers in the transaction. The multifamily community was sold by Trammell Crow Residential and PGIM Real Estate, and acquired by Weinstein Properties.
“Trammell Crow Residential and PGIM Real Estate developed a truly differentiated asset in the heart of the thriving Summerhill neighborhood and its ongoing 72-acre transformational mixed-use redevelopment plan. Their thoughtful lease-up strategy and design of premium product positively positioned this institutional asset for long-term growth,” said Stickel, Executive Vice Chair at Cushman & Wakefield.
Built in 2022, Alexan Summerhill is an expertly designed multifamily community situated in the heart of the thriving Summerhill master development. It boasts direct access to some of Atlanta’s most desirable adaptive reuse retail spaces on Georgia Avenue, as well as a new Publix that delivered summer 2023, marking the submarket’s first grocery store.
Alexan Summerhill’s unbeatable location, combined with the exceptional product quality by renowned national developer, Trammell Crow Residential, make it a highly sustainable asset. The Summerhill submarket has also experienced rapid growth with its ongoing evolution, including the expansion of Memorial Drive, Downtown’s high rise rental pressure, and momentum of the Southside BeltLine, setting the stage for Alexan Summerhill's prosperity. The multifamily community even benefits from limited direct residential supply in the area and the new "Summerhill Station", a more than $1 billion master mixed-use development spanning 83 acres.
“Weinstein Properties was able to add yet another a high-quality core asset in the desirable Atlanta market with this infill acquisition in the dynamic and growing Summerhill submarket,” added Brown, Executive Managing Director.
Cushman & Wakefield’s Sunbelt Multifamily Advisory Group is a 105-person investment sales team covering 11 states with No. 1 multifamily market share in that region based on sales volume and transactions reported to CoStar. Per Cushman & Wakefield, in 2023, the group has closed $4.4 billion in sales volume through 137 deals and 23,000 units. For more information about the Sunbelt Multifamily Advisory Group, visit multifamily.cushwake.com