ATLANTA, GA – Lion Real Estate Group, a real estate investment and asset management firm focused on acquiring value-adding and opportunistic apartment buildings, announced it has acquired Collier Ridge (100 Noble Creek Drive), a 300-unit apartment building in West bought Buckhead, Atlanta, GA for $ 67 million. Further terms of sale were not disclosed.
The property was built in 1980 and offers all amenities including a resort style pool, lighted tennis court, playground, fitness center and dog park. The transaction is priced at $ 223,000 per unit, or $ 157 per square foot.
"We are excited to expand that portion of our Atlanta portfolio with another acquisition outside of the urban core of the city," said Jeff Weller, LREG co-founder and managing director. "The city has emerged as a domestic leader in employment prospects, resilience to rental income and market performance in apartment buildings. This makes it an attractive destination to invest capital and generate promising returns with our investors."
Prior to the sale, Collier Ridge completed 60 percent of its units with premium renovations, upgrading them with new cabinets, stainless steel appliances, vinyl floors, granite countertops, and subway tile backsplashes. As part of this transaction, LREG will implement a three-year $ 2.8 million renovation plan to improve the remaining units, increase the attractiveness of the property and bring rents in line with market prices.
"We acquired this asset at what we believe to be a very fair price compared to similar properties on the market," said Mory Barak, Co-Founder and General Manager of LREG. "Between our planned renovations, the affluent submarket's convenient access to a world-class airport, and proximity to Midtown and Downtown Atlanta, we are confident that Collier Ridge will add significant value over time."
Starting at 1,336 square feet, the Collier's units are, on average, 300 square feet larger than units within comparable properties. 62 percent of Collier Ridge units are two-bedroom, two-and-a-half bath townhouses for families. The property is near the coveted Morris Brandon Elementary School.
The transaction is LREG's latest addition to its Atlanta apartment building portfolio. In September 2020, the company purchased 584 residential units in two buildings – Everly Apartments and Domain Apartments – for a total of $ 83.25 million. The estimated real estate and cash value of LREG as of March 31, 2021 is approximately $ 1 billion.
CBRE represented both sides on the Collier Ridge transaction. The team consisted of Shea Campbell, Kevin Geiger, Ashish Cholia and Colleen Hendrix.