The deal represents a price of $223,000 per unit, or $157 per square foot. The property was built in 1980 and includes a “resort-style” pool, a tennis court, a playground and a dog park.
Before the sale, 60% of Collier Ridge’s were upgraded and refreshed with new cabinets, stainless-steel appliances and other amenities. Lion will conduct a three-year, $2.8 million renovation of the remaining units.
The apartments start at 1,336 square feet, and 62% of them are two-bedroom, two-and-a-half bath townhomes that cater to families. The property is located near the Morrison Brandon Elementary School.
This deal is not Lion’s first foray into the Atlanta multifamily market. In September 2020, the firm puchased 584 apartment units across two buildings — Everly Apartments and Domain Apartments — for $83 million.
“We are delighted to expand the Atlanta section of our portfolio with another acquisition outside of the city’s urban core,” LREG co-founder and managing principal Jeff Weller said in a press release. “The city has become a domestic leader in terms of job prospects, rent collection resiliency, and multifamily market performance, making it an attractive destination to deploy capital and realize promising returns alongside our investors.”
CBRE represented both sides in the Collier Ridge transaction. The team was comprised of Shea Campbell, Kevin Geiger, Ashish Cholia and Colleen Hendrix.