Cushman & Wakefield announced that the commercial real estate services firm has arranged the sale of The Ellison, a 250-unit apartment community located in Kennesaw, Georgia.
Robert Stickel, Alex Brown and Ashlyn Warren of Cushman & Wakefield represented the seller, Newport Development Partners, in the transaction. Preferred Apartment Communities, a real estate investment trust engaged primarily in the ownership and operation of high-quality multifamily properties, acquired the property.
“Newport Development Partners was thoughtful with the design and delivery of this impressive asset, as it was clearly well received by the marketplace,” Stickel said. “Preferred Apartment Communities has acquired an incredibly secure and dynamic investment opportunity.”
Amenities include a resort-style saltwater pool, elevators in all buildings, fire pit with grilling areas, state-of-the-art fitness center with cardio, resistance training and free weights, resident lounge with gaming tables, complimentary gourmet coffee bar, executive e-lounge and micro offices, bark park and paw spa. The community highlights green initiatives with electric car charging stations, bike storage and energy-efficient appliance packages.
“Kennesaw and Marietta continue to show incredible multifamily fundamentals including demand from both rental and investment demand,” Brown said.
Located in the high-growth suburb of Kennesaw, the property is likely to benefit from the high barriers to entry and incredible 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.