Franklin Street has arranged the $18.3 million sale of Lantern Ridge Apartments, a 150-unit rental community located at 1810 Roswell Road in the Marietta submarket of Atlanta, Ga. Jake Reid, Chad DeFoor and Dan Phelan of Franklin Street’s Atlanta multifamily investment sales team represented an Atlanta-based family office in the sale of Lantern Ridge. New Jersey-based Liquid Capital purchased the property for $122,000 per unit. Built in 1973, Lantern Ridge is one of many recent acquisitions in the Atlanta MSA by Liquid Capital.
“Lantern Ridge Apartments represents the ideal value-add investment property,” said Reid, senior director for Franklin Street. “Multifamily opportunities located in a submarket with a diminishing housing stock in good school districts are the new investment darlings for real estate investors.”
“Strong employment growth and underlying fundamentals make the Atlanta MSA an investment focus for us,” said Yitzi Karasick, founder and principal of Liquid Capital. “Atlanta is a critical real estate market hub for the Southeast.” “The seller chose to move forward with Liquid Capital because of the firm’s stellar reputation in the multifamily sector and proven ability to move quickly and close flawlessly,” said DeFoor, senior director for Franklin Street.
Liquid Capital also recently acquired the 490-unit Fields at Peachtree Corners in Norcross, Ga for $51.2 million. The property represented “a rare large repositioning opportunity in the hot Peachtree Corners submarket with multiple value-add levers to pull,” said Phelan, senior director for Franklin Street. Fields at Peachtree Corners is currently undergoing amenity and unit upgrades, which will drive tremendous growth as it moves up the quality spectrum. Earlier this year, Liquid Capital purchased Forest Cove, a 646-unit value-add apartment community in Doraville, Ga., for $63.5 million.
“Forest Cove is poised for strong revenue growth fueled by Liquid Capital’s proven value-add track record,” said DeFoor. “Dan Phelan and I recently represented them on the sale of a sister property to Forest Cove called Abbots Glen (1980s A.G Spanos product), where Liquid Capital executed their value-add business plan flawlessly. I know they will achieve similar results at Forest Cove and Lantern Ridge.”
About Franklin Street: Founded in 2006, Franklin Street focuses 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.
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