The 266-unit Paramont Apartments community in Duluth was recently acquired for $51.5 million, almost double the $26.7 million it sold for in 2018. 

The community is located at 4201 Pleasant Lake Village Road in Duluth. Courtesy of Google Maps.

Gwinnett County records indicate the buyer was an entity related to Salt Lake City-based Bridge Investment Group.  

The development is located at 4201 Pleasant Lake Village Road and was built in 1985. Bridge Investment plans to upgrade appliances, fixtures and finishes in 75% of the units, according to a press release. It also plans to address building maintenance, replace the playground and add a soccer field to the existing amenities, which include a swimming pool, fitness center, clubhouse and café. 

Capital One said it provided a $28.6 million seven-year, fixed-rate, interest-only Freddie Mac loan to help finance the transaction. Bridge Investment conducted the acquisition through a 1031 exchange, the lender added. 

“The complex ownership structure gave Bridge the flexibility it needed to achieve its investment goals,” said Capital One Senior Vice President Jonathan Pratt, who originated the loan with Senior Vice President Rossana Bouchaya. “Not only were we able to accommodate this structure, but we worked with them to take advantage of momentary dips in the Treasury to lock-in an advantageous rate.”