434-unit Cumberland community sells for $143.5 million

by John Yellig

The seller performed a complete renovation of the Cobb County community, which was built in 1998 and is located at 3505 Windy Ridge Lane.

A New York apartment investor sold the 434-unit Hudson Ridge Apartments in Cumberland for $143.5 million, more than twice the $68.2 million it paid for the community in 2016. 

Courtesy of Google Maps.

The seller, Hudson Capital Properties, performed a complete renovation of the Cobb County asset, which was built in 1998 and is located at 3505 Windy Ridge Lane. L+M Fund Management is the buyer. 

“Hudson Ridge was by far the largest acquisition we had made at the time in 2016, which is indicative of our conviction in the Atlanta market and our strategy for the asset,” HCP Chief Investment Officer Robert Cohen II said in a news release. “After executing a community-wide renovation program, we are proud to have transformed Hudson Ridge into one of the most sought-after rental communities in an area bursting with built-in neighborhood amenities.” 

The units include one-, two- and three-bedroom apartments, some with detached garages. The renovation program included new cabinets, granite or quartz countertops, stainless-steel appliances, vinyl plank flooring in kitchens and living areas, new plumbing and lighting and new bedroom carpeting. HCP also expanded the leasing office, redesigned the clubhouse to include a multi-use kitchen and upgraded common areas. 

“The renovation at Hudson Ridge, combined with an incredible location and a white-hot apartment market in the region, were key to the successful disposition of the asset,” Cohen added. “The sale is a testament to HCP’s expertise in identifying excellent opportunities and our ability to implement a truly meaningful value-add renovation scope.” 

Kevin Geiger of CBRE represented HCP in the transaction. 

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