Atlanta-Area Retirement Community Sells for $33 Million

Towne Club at Peachtree City Seniors Apartments, 201 Crosstown Drive, Peachtree City, GA

Michael J. Fasano

PEACHTREE CITY, GA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Towne Club at Peachtree City, a 153-unit luxury rental seniors housing property in Peachtree City, Ga. The $33 million sales price equates to $215,686 per unit.

            Mike Pardoll, a senior vice president investments in Marcus & Millichap’s Charlotte, N.C. office, assisted by Michael J. Fasano, vice president in the firm’s Atlanta office, represented the seller, Peachtree City Towne Club LLC.

            “Towne Club at Peachtree City is a luxury congregate care facility that originally opened as an independent living community,” says Pardoll. “In 2012 and 2013, some of the independent living apartments were converted to assisted living units. There is now a waiting list for those units.”

            The property is located at 201 Crosstown Drive in Peachtree City, Ga., approximately 25 miles south of Atlanta’s Hartsfield-Jackson International Airport. U.S. News & World Report named the area as one of the “10 Best Places to Retire” in 2012. 

Mike Pardoll

            Established in 1959, Peachtree City has approximately 37,000 residents, 8 percent of whom are 65 and older. Peachtree City’s residents can use golf carts to travel to golf courses, tennis courts, lakes, schools, a 2,500-seat amphitheater and other destinations on the town’s more than 90 miles of cart paths.

            Towne Club at Peachtree City’s current configuration is 112 independent living apartments and 41 assisted living units. The independent living apartments average 918 square feet and the assisted living units range from 350 to 1,075 square feet.

Each apartment has a full kitchen with granite countertops, island and breakfast bars, stainless-steel appliances, tile kitchen and bath, deluxe cabinetry and crown moldings and a washer and dryer.

            The community features country club-style dining and a full-service cocktail lounge. Other amenities include a saltwater pool, fireside cabana, massage room, fitness center, gardening area, in-house theatre, media center and game room.

            The facility was 92-percent occupied at the time of the sale.

For a complete copy of the company’s news release, please contact:

Gina Relva

Public Relations Manager

(925) 953-1716