Financial details of the transaction were not disclosed. A fund sponsored by CBRE Investment Management provided CARROLL an $85.3 million mortgage loan that included future funding for the firm’s business plan. The property was appraised at $42.4 million this year, according to Dekalb County records.
“This transaction provided an opportunity to lend to an experienced operator on an asset that has historically performed well,” CBRE Investment Management managing director Charles Kim said in a press release. “We believe that the new ownership’s operating expertise and planned capital improvements for interior renovations and exterior enhancements will generate significant upside for this asset.”
The low-density, garden-style community was built in 1989 and is located on 25 acres at 4335 Winters Chapel Road. Its 592 units offer one-, two- and three-bedroom floorplans with hardwood-style flooring, private balconies and resurfaced cabinets. Community amenities include a fitness center, two swimming pools, soccer field, picnic and grilling areas, two dog parks, playground, clubhouse and business center.
“This asset will be a great addition to our Atlanta portfolio, and we are excited to execute our business plan,” CARROLL senior vice president Casey Barber said.