The sale of a fully leased apartment complex in the Atlanta suburbs for a market-leading price was named the 2024 CoStar Impact Award winner for acquisition of the year in Atlanta, as selected by an independent panel of local industry professionals.
Brand Properties sold the apartment complex formerly known as Haven at Sugarloaf for $135 million to Weinstein Properties. The Duluth, Georgia, property, now known as Bexley Sugarloaf, fetched a price of $385.71 per square foot. At the time, it was the highest price paid per square foot for a multifamily complex in Gwinnett County with at least 200 units.
The 390-unit complex features a pool, a clubhouse with a rooftop lounge, a dog park and an outdoor yoga lawn. Some floor plans include private, fenced-in backyards. Bexley Sugarloaf includes a "town center" with restaurants and walking trails.
About the Deal: Virginia-based Weinstein Properties finalized the deal in August to acquire the property at 1290 Old Peachtree Road. It was 84% leased at the time of sale. TIAA’s Nuveen subsidiary provided an $82.5 million loan to Weinstein to finance the deal.
What the Judges Said: "The [Bexley Sugarloaf] stands out because the site was formerly underutilized, and the new apartment building creates essentially a mixed-use node with the existing adjacent retail and green spaces with food trucks," said Neil Matthee, research manager at Newmark.
They Made It Happen: Robert Stickel, Alex Brown, Ashlyn Warren, Michael Kay and Sim Patrick at Cushman & Wakefield represented Brand Properties. At Brand Properties, Brand Morgan, Woody Rupp, Derek Kahn and Michael Hoath worked on the project.