Cushman & Wakefield announced that the commercial real estate services firm has arranged the sale of IMT Sandy Springs, a 230-unit apartment community located in Sandy Springs, Georgia.
Robert Stickel, Alex Brown and Michael Kay of Cushman & Wakefield represented the seller, IMT Capital, in the transaction. The property was acquired by Equity Residential, a publicly traded real estate investment trust that specializes in apartment communities.
“IMT Capital, which has a national portfolio and great reputation, experienced tremendous growth since acquiring the first pre-stabilized asset from a national developer in the area,” Stickel said. “They saw this as a rare opportunity to work with a publicly traded real estate investment trust that had a strong appetite for Atlanta as a primary growth market in the Sunbelt region.”
Located at 6558 Roswell Rd. in Atlanta’s Central Perimeter, IMT Sandy Springs is positioned near lifestyle amenities and a variety of top tier restaurants. Built in 2017, the garden-themed gated community offers amenities such as a resort style salt-water pool along with in-water sun decks and cabanas, an outdoor lounge area with a ping pong table and grills, modern open spaces with ten foot ceilings and a fully-equipped gourmet kitchen within each unit with stainless steel appliances.
“As Equity Residential re-entered Atlanta with the acquisition of this high-quality asset, they targeted the Sandy Springs submarket, which has high barriers to entry and access to blue chip employment,” added Brown. “This institutional property is a phenomenal investment with a foundation for longevity.”
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.