Cushman & Wakefield announced that the commercial real estate services firm has arranged the sale of Carrington Chase and Carrington Court, two apartment communities located in Atlanta’s Gwinnett County, one of the fastest growing counties in Georgia over the past 30 years.
Nathan Swenson and Travis Presnell of Cushman & Wakefield represented the seller, White Oak Partners, in the transaction. Greystar Real Estate Partners, LLC (Greystar), a global leader in the investment, development, and management of high-quality rental housing properties, acquired the properties.
“The fundamentals in the middle market known as the ‘workforce housing’ space are the strongest they have been in years,” Swenson said. “Expanding remote working opportunities has opened new rental markets for individuals previously locked into more rigid commute options. These assets provided great construction quality as a baseline for improving interiors and amenities to capture new renters seeking value and quality of life improvements.”
Carrington Chase, located in Tucker, Georgia, totals 410 units. Carrington Court, located in Duluth, Georgia, totals 446 units. Embedded in favorable demographics and apartment market fundamentals, both properties are poised to benefit from continued employment expansion and population growth.
Cushman & Wakefield’s Sunbelt Multifamily Advisory Group ranks No. 1 in Sunbelt market share based on over 250 transactions and $6.2 billion in multifamily and land investment sales in 2020 (Source: Real Capital Analytics). Market share reflects number of sales for Alabama, Arkansas, Northwest Florida, Georgia, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee and Texas.