Sterling Group adds to its Growing Atlanta Portfolio
The Sterling Group continues to invest in the Atlanta, GA market with its purchase of Elevation 3505 Apartments from Blackmount Real Estate Partners. The Sterling Group was represented by Senior Managing Directors Andrew Mays and Paul Vetter, Senior Director Judy MacManus and Director Matt White of Berkadia’s Atlanta office. Senior Managing Director Richard Levine of Berkadia’s Atlanta office also secured the financing.
The property is a 317-unit multifamily community situated on 26.42 acres. Elevation 3505 was constructed in 2005 and is comprised of 31 two-story buildings containing a mix of one, two, and three-bedroom townhome floorplans with private entry. Located off Camp Creek Parkway on the Southwest side of the city, Elevation 3505’s proximity to I-285 and Hartsfield-Jackson International Airport make this a desirable investment asset. The community is surrounded by Camp Creek Marketplace and Camp Creek Nature Preserve.
Apartment home floorplans range from 768 sq. ft. to 1,486 sq. ft. and feature a fully-equipped farm-style kitchen, stainless steel appliances, washer and dryer hook-ups, and plank flooring. In addition to its convenient location to the city, Elevation 3505 features a swimming pool, tennis courts, grilling stations, and fitness center in the clubhouse.
The Sterling Group plans to improve cash flow at the property through enhanced property management and value-add renovations to unit interiors and exteriors. Renovations are projected to total over $2 million dollars. Planned renovations include freshening up of amenities, curing of deferred maintenance items, and continuation of interior renovations. The upgrade plan includes premium appliances, countertops and flooring throughout.
The Sterling Group, founded in 1976, develops, constructs, acquires and manages investment quality real estate, specializing in multi-family apartment homes, senior communities, student housing and storage facilities. Sterling Management, Ltd. has over 30 years of experience assisting owners in achieving both physical and financial goals for their assets. Sterling Management oversees an expansive portfolio of multi-family communities and storage facilities across the United States. In addition, it also provides fee management services.
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