Atlanta-based real estate company ECI Group sold two metro-area apartment communities for $124.8 million.
The sales of the 270-unit Columns at Sweetwater Creek in Lithia Springs and the 304-unit Columns at Peachtree Corners in Norcross follow ECI’s December 2021 announcement that it would break ground on the Corwyn at Conyers community this month.
ECI developed the Columns at Sweetwater Creek in 2000. The garden apartments feature large patios or balconies, a fitness center and clubhouse, pool, lighted tennis courts, cabana and individual garages for some units. ECI developed Columns at Peachtree Corners between 1980 and 1982. The wooded community has a pet park, pool, nature trail, tennis courts, outdoor grills and a playground.
“Unique market conditions in 2021 compelled us to make the often-difficult decision to sell assets that we developed ourselves and have operated for decades in order to exchange into new properties with similar yields but significantly less long-term operational and capital risks,” ECI chief acquisitions officer Scott Levitt said in a press release. He added that the proceeds from the sales would be used to close on the purchase of a property in Orlando, Fla., and other acquisitions.
Jason Nettles and Megan Thompson at NorthMarq represented ECI for the Columns at Sweetwater Creek sale, and Kevin Geiger at CBRE represented the firm in the Columns at Peachtree Corners transaction.