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Beverly Hills firm shells out $50.4 million for Lawrenceville multifamily property

by John Yellig

Image courtesy of Triumph Properties Group.

Triumph Properties Group acquired the 194-unit Sugarloaf Grove multifamily community in Lawrenceville in a $50.4 million, off-market deal.

The Beverly Hills, Calif.-based real estate investment, management and development company paid for the asset in cash, with no loan, it said in a press release announcing the transaction, which occurred in April. 

Sugarloaf Grove, which was built in 2020, offers several amenities, including a poolside gym with roll-up doors, a large Baja shelf in the pool and a “bark bar,” where residents can socialize while spending time with their pets. Some apartments also offer large, fenced-in back yards with wooded views, the company said.

Besides Sugarloaf Grove, Triumph also recently purchased Azalea at West Melbourne, a 316-unit community built in 2020 and located in Melbourne, Fla., and Main Street Lofts at Verrado, a 45-unit development that is part of a mixed-use community in downtown Verrado in Phoenix.

Triumph purchased Azalea at West Melbourne through a joint venture with GMF Capital for an undisclosed amount and acquired Main Street Lofts for $10.5 million in cash.

The firm is targeting another $150 million of suburban, garden apartments either in lease-up or finishing construction. It is also interested in land acquisition for development and joint-venture development opportunities. Target markets include Atlanta, Phoenix, Denver, Salt Lake City, Tampa, Charlotte, Raleigh/Durham, Nashville and Las Vegas. 

Image courtesy of Triumph Properties Group.

 

 

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