ATLANTA, GA – Triumph Properties has purchased Sugarloaf Grove, a 194-unit residential complex in Lawrenceville, GA, built in 2020. This was an off-market acquisition that Triumph was able to leverage due to its ability to act quickly on a proposal, due diligence, and deal. Triumph closed cashless 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 rolling doors, a large Baja shelf in the pool, and a bark bar for residents to interact with while spending time with their pets. Selected accommodations also have large, fenced-in backyards with forest views.
In May 2021, Triumph Properties formed a JV partnership with GMF Capital to purchase Azalea in West Melbourne, a 2020 built 316 residential complex in Melbourne, FL. The property offers large units, homely finishes, and a list of resort-style amenities, including two on-site lakes. Given its strategic location in West Melbourne, Azalea is poised to capitalize on the growing aerospace and defense contract boom that has been a driving force behind the economy.
In addition, Triumph Properties acquired Main Street Lofts in Verrado, a 45-unit condominium that is part of a mixed-use condominium in the heart of downtown Verrado, Phoenix, AZ. The property was acquired in an over-the-counter transaction in July 2021 for $ 10.5 million in cash with Berkadia representing Triumph Properties.
The units, built in 2004, offer unique floor plans, with selected units featuring loft layouts, sweeping ceilings and spacious floor plans. The property is central to the immaculately planned Verrado community. It sits above desirable retail stores, restaurants, and grocery stores, and is just steps from the stunning Center on Main, which features Verrado's large community gym, pool, and recreational facilities. Triumph intends to upgrade the indoor unit and enhance the residents' living experience.
These three acquisitions fulfill Triumph Properties' strategy of acquiring newer assets on a cheap basis and at a cheap cap compared to older value-add deals. Triumph intends to acquire an additional $ 150 million in suburban garden apartments that are currently rented or completed. The acquisition of land for development and opportunities to develop joint ventures are also part of Triumph's short term investment strategy. Target markets include Phoenix, Denver, Salt Lake City, Atlanta, Tampa, Charlotte, Raleigh / Durham, Nashville and Las Vegas.