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Admiral Capital, McCann Realty Acquire 412-Unit Apt. Complex in Lawrenceville

Wood Partners Completes Sale of Retreat at Riverside
February 28, 2018
Admiral Capital Group closed on its fifth investment in Atlanta after the New York City-based firm teamed up with joint venture partner, McCann Realty Partners of Richmond, VA, to acquire the Retreat at Riverside in Lawrenceville, GA, from Wood Partners. Terms of the deal were not disclosed.

Formerly known as Altera Riverside, Retreat at Riverside is a 412-unit apartment complex constructed in phases in 1996 and 1999 at 1000 Duluth Hwy. in suburban Atlanta's Outer Gwinnett County Multifamily submarket.

The value-add community consists of one- and two-bedroom apartments in 24 garden-style buildings, and sits near major employment hubs Georgia Gwinnett College, Gwinnett Medical Center and the I-85 corridor, which is home to 19 million square feet of office space and 45 million square feet of industrial space.

“We are excited to add another Atlanta community to our portfolio and expand our successful partnership with McCann,” said Admiral co-founder Dan Bassichis. “We identified Atlanta and the northeast high job growth corridor as an area for investment opportunity several years ago. We have had great success acquiring value add assets and transforming them into thriving communities that meet the needs of the growing population in the area.”

Admiral and McCann plan to carry out a value-add initiative at the property, which will include upgrades to unit interiors, green initiatives to reduce utility consumption and the addition of new amenities. The venture has selected Pegasus Residential to manage the property moving forward.

“We believe Lawrenceville is a later recovery suburb of Atlanta that still has significant upside. Our team is looking forward to executing further renovations to provide the residents with an even better living experience,” said Thomas Upson, principal and managing director at McCann.

Kevin Geiger of CBRE's Atlanta office brokered the transaction.

For more information, please see CoStar COMP #4150586.
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