California-based Olen Properties purchased The Reserve at Sugarloaf apartment community in Duluth from an institutional client of New York Life Real Estate Investors for $91 million.
The 2002-vintage property is a core-plus asset with 331 units averaging 1,225 square feet each. Community amenities include an indoor- outdoor fitness center, pool, pet park, internet café and car care center.
Renovations leave the property, which is located at 2605 Meadow Church Road, “primed for substantial long-term growth,” according to Cushman & Wakefield, which represented the seller.
Robert Stickel, Alex Brown, Ashlyn Warren and Wesley Lacefield of Cushman & Wakefield’s Sunbelt Multifamily Advisory Group participated in the transaction.
“New York Life Real Estate Investors strategically improved a timeless asset that featured large floor plans, garages and unique amenities,” Stickel said in a press release. “Their hold period lined up well with a window in the capital markets where they could see an overwhelming amount of attention from investors, resulting in a successful sale.”