Peak Capital sells Atlanta-area asset for $58 million

Avenue 33. Image courtesy of GREA

Peak Capital Partners sold Avenue 33, a 284-unit multi-family community in Stockbridge, Georgia, for $58.2 million. REM Acquisitions is the new owner. GREA represented the seller in the transaction. The property last traded in 2019, when the current seller bought it from a private investor for $33 million, according to Yardi Matrix. The property will undergo a renovation plan focusing on improving the improvements made by the previous owner.

Completed in 1999, Avenue 33 is located at 3386 Mount Zion Road and features one-, two-, and three-bedroom units between 730 and 1,081 square feet equipped with washers and dryers. Common facilities include a swimming pool, fitness center, clubhouse, business center, volleyball court, laundry facilities and 380 parking spaces.

The 16-building, garden-style property is located near Interstate 675, Interstate 75, and the Stockbridge Amphitheater, 12 miles from Hartsfield-Jackson Atlanta International Airport, and less than 20 mile(s) from downtown Atlanta. Several retail options, such as Lowe’s, Kroger, and a Walmart, are available nearby.

GREA’s Executive Managing Director, Walter Miller, along with Managing Directors Chandler Brown, Taylor Brown and Cory Caroline Sams represented the seller.

Atlanta ranked second in the Top 10 markets by multifamily investment volume in 2021, with 325 properties sold, representing 83,765 units. The market total reached $14.5 billion, nearly double the volume recorded in 2019.

Carol N. Valencia