Cushman & Wakefield announced the commercial real estate services firm has arranged the sale of Shadow Ridge, a 294-unit apartment community in Riverdale, Georgia.
Mike Kemether, Travis Presnell and James Wilber of Cushman & Wakefield represented the seller, Chandler Residential, in the transaction. Bridge Investment Group acquired the property.
Built in 2000, Shadow Ridge is a value-add investment opportunity in high-barrier location. According to CoStar, Clayton County is ranked in the Top 10 in the nation for multifamily growth throughout the pandemic.
With only 25 percent of the units renovated, Bridge Investment Group has the opportunity to significantly increase rents through a full interior renovation. Renovated units are receiving $125 to $175 in premiums, depending on the finish level. Community amenities include a bark park, car wash, resort-style swimming pool, lighted tennis courts, grilling/picnic areas and fitness center.
“Shadow Ridge exemplifies the robust rent growth we currently are experiencing in Atlanta,” Presnell said. “Very few new assets have been built in South Atlanta over the last decade while the manufacturing and logistics jobs have been gaining steam. This asset is well-positioned to fulfill the need for workforce housing over the next several years.”
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.