Aug 13, 2019
Franklin Street secured the sale of Sundance Creek Apartments, a 232-unit townhome-style rental community located on 575 McDonough Parkway in the city of McDonough, approximately 30 miles south of Atlanta. The sale represents one of the highest per square foot purchase prices recorded for a multifamily property in the southeast Atlanta MSA.
Franklin Street’s Atlanta multifamily investment sales team, which included Dan Phelan, Chad DeFoor and Jake Reid, represented the seller, Audubon Communities, an Atlanta-based multifamily owner and operator. Providence Real Estate, LLC, a Chicago-based multifamily owner-operator, acquired the asset in a joint venture with a global insurance and investment company from New York.
“The Sundance Creek investment was a great success for us,” said Myles Cunningham, Chief Investment Officer for Audubon. “When we originally acquired the asset, our plan was to provide the property with modern amenities and leasing facility, as well as an updated curb appeal. We were able to execute on our plan and leave the next owner a well-maintained asset. This will give them the ability to renovate the interior finishes of the units to a higher level and provide the residents with a modern property throughout.”
Built in 2004, Sundance Creek Apartments features one and two-bedroom townhomes and includes a resort-style swimming pool, clubhouse, business center, and fitness center. The property is located just minutes from I-75, fine dining, the historic McDonough Square, Southpoint Shopping Center, Henry Town Center and Tanger Outlet.
About Franklin Street: Founded in 2006 during one of the toughest real estate climates, Franklin Street focused on delivering value-added solutions to meet the evolving needs of clients. Through a collaborative philosophy of leveraging the resources, expertise and experience of each of its divisions – Investment Sales, Tenant and Landlord Representation, Capital Advisory, Insurance, Property Management and Project Management – Franklin Street offers unmatched value and optimal solutions for clients nationwide. Learn more about Franklin Street at FranklinSt.com