Cushman & Wakefield announced that the commercial real estate services firm has arranged the sale of The Rey on Reynolds, a 286-unit apartment community located in Duluth, Georgia, a suburb northeast of Atlanta.
Robert Stickel and Alex Brown of Cushman & Wakefield represented the sellers, Quintus Development and The Carlyle Group, in the transaction. California-based Young Homes acquired the property.
“Quintus Development and The Carlyle Group created a best-in-class property with excellent proximity to various job centers in central Gwinnett County, resulting in strong leasing performance,” Stickel said.
Amenities include a courtyard with outdoor kitchens and recreation areas, pet park and grooming spas, a resident center with co-working areas, a fitness center with a cross-fit gym and yoga studio, a roof-top terrace, a saltwater pool, community pocket parks and more.
“Our unique platform helped the buyer sell a 1980s asset and use proceeds from a 1031-exchange to acquire this premier asset, which is bolstered by suburban Atlanta’s strong growth trends,” Brown said.
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.