ECI Group sold the 296-unit Columns at Paxton Lane apartment community in Lilburn to InterCapital Group.
The Columns at Paxton Lane is located at 4305 Paxton Lane in Lilburn. Courtesy of Google Maps.
The sale of the community, located in Lilburn at 4305 Paxton Lane, is the end of an era for ECI. The Atlanta-based multifamily company has owned The Columns since developing it in 1996.
The sales price was not disclosed, but the 24.1-acre property was last assessed at $52.5 million, according to Gwinnett County records.
“ECI intends to re-invest the proceeds from The Columns at Paxton Lane into a newer multifamily property,” CEO Seth Greenberg said in a press release. “Once the re-investment plan is completed, realizing the investment of an older property into a more current property, that deal will mark the sixth such exchange transaction completed by ECI in the past approximately two years.”
Community amenities include a dog park, swimming pool with cabana area, playground and picnic area, lighted tennis courts, an internet café and detached garages for some units.
Mike Kemether, James Wilber and Megan Turner of Cushman & Wakefield represented ECI Group in the sale.