StoneBridge Investments of Washington, DC, has acquired River Vista, a 196-unit upscale garden apartment community in the suburban Atlanta community of Sandy Springs, for $33.4 million. The seller, an affiliate of The Milestone Group, was represented by David Gutting and Derrick Bloom of JLL.
This is StoneBridge’s fifth apartment community acquisition in the Atlanta metro market over the past several years, for a total of 1,148 units. “With its strong employment growth, excellent quality of life, and relatively low cost of living, we remain bullish on the dynamic Atlanta market,” said Kees Bruggen, Managing Director, StoneBridge Investments. “Our location in Sandy Springs, on the GA-400 corridor, puts us directly in the path of growth, and in close proximity to great schools, high-end demographics, world-class cultural amenities, and major employment centers.”
Built in 1996 on a lushly landscaped 17-acre site near the Chattahoochee River, River Vista’s strategic location provides unmatched accessibility to the booming employment hubs of North Fulton and Perimeter Center, home to nearly 300,000 jobs. Other nearby employment hubs include Northridge Plaza, Preston Ridge, Milton Park, and Sanctuary Park. Employment is growing in the technology, healthcare, finance, telecommunications, logistics, and business services sectors.
The property is less than six miles from major new office and mixed-use developments including State Farm’s Southeast Regional Headquarters, the $100 million Mercedes Benz North American Headquarters, amenity-rich High Street Atlanta, and the award-winning billion-dollar Avalon development with 570,000 square feet of retail space and 678,000 SF of office space where tenants include Microsoft and BitPay.
River Vista residents can walk, bike, or drive across the street to access part of the Chattahoochee River National Recreation Area, a serene riverside park offering trails, rafting, fishing, and other activities. This is just one of over 20 parks in the areas with over 900 acres of parkland and 184 miles of pedestrian trails including the Roswell Riverwalk.
But residents don’t even need to leave home to relax. River Vista has an outdoor swimming pool with sundeck seating, a clubhouse, outdoor kitchen and social area with grills and TV, a playground, and a 24-hour strength and cardio fitness center.
The community’s one- to three-bedroom apartments, with an average size of 1,098 SF, feature elegant crown molding, built-in shelving, hardwood-style flooring, private patios or balconies, and wood-burning fireplaces in select units. River Vista is located at 9200 Roberts Drive in Sandy Springs, about 20 miles north of downtown Atlanta.
The new ownership plans to continue and expand the ongoing interior modernization program that includes kitchen and bath upgrades, new two-inch blinds, installing full-size ensuite washers and dryers, and creating fenced “backyards” for select ground-level apartments.
“River Vista has historically enjoyed strong performance, and we believe there is a compelling growth opportunity remaining through strategic renovations and continued modernization of the property,” said Will Bateman, Director, StoneBridge Investments. “By performing in-unit renovations along with more comprehensive exterior improvements to enhance curb appeal, we aim to close the gap between River Vista and its newer competitors while still maintaining its relatively affordable position in the submarket.”
Active since 1980, StoneBridge and its affiliates have acquired and developed more than $1.7 billion in real estate, primarily in the multifamily sector, for foreign and domestic investors. The company’s strong track record and extensive network of relationships allows it to quickly and efficiently identify and pursue new opportunities, many of which are off-market transactions. The company’s target markets include the Washington-Baltimore area, Virginia, the Carolinas, Georgia, Florida, and Texas. It has offices in Washington, DC and Amsterdam.