ATLANTA, GA - CBRE today announced the sale of the multifamily property Landmark at Creekside Grand in East Point, Ga. The asset sold to Blackmount Real Estate Partners, led by Principals Shawn Collins and Neil Herceg, and marks Blackmount’s first purchase in metro Atlanta. CBRE’s Shea Campbell represented the seller.
Located in the rapidly evolving area of South Fulton, the townhome community provides walkability and easy access to Interstate 285 and Hartsfield Jackson International Airport. Landmark at Creekside Grand is on the border of an 800,000-sq.-ft. shopping center with several restaurants and major retailers. The property offers personal patios, two swimming pools, tennis courts, a fitness center, car washes and a conference room, among other amenities.
“Atlanta remains a desirable multifamily market, with almost 6 million residents and a projected growth of over 7% through 2020,” Campbell said. “The tremendous job growth of more than 300,000 new jobs in the last five years, coupled with a sharp reduction in multifamily construction after 2017, has investors recognizing the potential in the existing projects throughout metro Atlanta.”
According to Blackmount’s Collins, “Due to the unique all townhome construction, history of top tier institutional ownership and the optionality offered between the property’s two distinct phases, we will be able to execute a business plan that provides resident with the modern amenities and interior finishes they desire while providing a stable, consistent return for our investors.”
About CBRE Group, Inc. CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com
About Blackmount Real Estate Partners: Blackmount Real Estate Partners is a private real estate investment management and advisory firm headquartered in Atlanta, GA. The company is focused on providing superior risk-adjusted returns through a disciplined, value oriented approach built around capital preservation, current cash yields from operations and overall growth in net asset value. www.blackmountrep.com