An Augusta, Georgia, apartment complex built in 2009 commanded a considerably higher-than-average price-per-unit when it sold to a North Carolina real estate investment firm last year.
Triangle Real Estate of Gastonia, North Carolina, bought the 204-unit Brigham Woods multifamily property at 3150 Skinner Mill Road for $50 million in June, according to CoStar data. Triangle renamed the complex Ballantyne Commons of Augusta.
The seller was Miller Frishman Group of Denver.
Triangle's purchase involved the debt assumption of a loan valued at nearly $23 million made through Fannie Mae, CoStar data shows. The price per unit of more than $245,000 is about 56% higher than the market average of $157,000 for three- to five-star properties, according to CoStar.
The structure and overall size of the deal earned the transaction the 2023 CoStar Impact Award for the sale/acquisition of the year in the Augusta-Richmond County, Georgia, market, as judged by real estate professionals familiar with the market.
About the project: Built in 2009, Ballantyne Commons of Augusta was approximately 97% leased when it sold in June 2022. The property is near several major employers and retail corridors in the East Georgia city.
What the judges said: Timothy McFalls, manager of commercial and retail development at Augusta Economic Development Authority, said the sale is significant because of its "influence on property values and pressure on neighboring high-density properties to update their appearance."
They made it happen: The Cushman & Wakefield team of Taylor Bird, Austin Weathington, Nelson Abels, Laura Aylor and Harrison Cheeley represented the seller.