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| Sugarloaf Trails Apartment Homes, Duluth, GA |
Duluth, GA – 29th Street
Capital (29SC), a privately-held real estate investment and advisory firm, has
acquired Sugarloaf Trails Apartment
Homes in Duluth, Georgia.
Duluth is one of the
fastest growing suburban communities in Atlanta and is located within the
highly-regarded Gwinnett County School District. The 268-unit community was
constructed in 2000 and offers one-, two-, three- and four-bedroom units.
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| Javier Bustillo |
29SC plans to implement a
$1.2 million capital improvement program to improve curb appeal, property
amenities and unit interiors. 29SC will also implement energy-efficient
upgrades through the Freddie Mac Green financing program.
“We are excited to expand
our presence in Atlanta through the acquisition of Sugarloaf Trails,” said Javier Bustillo, 29th Street Capital’s
Senior Vice President of Acquisitions for Atlanta and Houston.
“We really like
the fundamentals of this submarket and the asset’s position within it. We are
excited to be able to create value for our investors and close on another
community that fits our company’s vision.”
Sugarloaf Trails is
located approximately 30 miles northeast of downtown Atlanta and is adjacent to
I-85. The Duluth submarket has experienced positive rent growth since 2011,
including surpassing at least 6% annual growth each year since 2013. As rents
continue to increase, Sugarloaf Trails provides one of the most affordable
rental housing options in Duluth for families that are seeking access to one of
the top school systems in the state.
“Duluth is a desirable
community with great retail, expanding job opportunities and an excellent
school system,” Bustillo added. “The property will provide residents with an
affordable option to live in a very desirable location.”
The transaction closed
Apr. 17. The sale price was not disclosed. The community is located at 2255
Satellite Blvd. in Duluth.
29th Street Capital
acquired 15 multifamily assets over the past 12 months and continues to
actively pursue additional opportunities throughout the U.S. The firm will
continue to target strategic value-add deals that are below the institutional
radar, with the intention of offering its investors above-market returns.
For a complete copy of the company’s news release,
please contact:
Terri Thornton
Partner, Thornton
Communications
Phone: 404-932-4347
Email: Terri@TerriThornton.com
Website: www.TerriThornton.com
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