Cushman & Wakefield announced that the commercial real estate services firm has arranged the sale of The Carlyle of Sandy Springs, a 389-unit multifamily community located in northern Atlanta. The sales price was $105.6 million, equating to more than $271,000 per unit.
Mike Kemether, Travis Presnell, and James Wilber of Cushman & Wakefield represented the seller, Spyglass Capital Partners, in the transaction. The property was acquired by WashREIT.
“With some of the largest apartment units in the submarket and with an abundance of sought-after townhomes at the property, WashREIT plans to continue with unit upgrades and adding value for middle-income renters,” said Kemether, Executive Vice Chair at Cushman & Wakefield. “The DC-based owner is well positioned with their entry into the Sandy Springs submarket as they continue expanding in the Southeast with their third acquisition in the Atlanta area.”
Built in 1972, The Carlyle of Sandy Springs is located in an affluent submarket and provides a unique opportunity for value-add through interior enhancements. Features of the community include large floor plans with townhomes averaging 1,300 square feet and more than 9 million square feet of surrounding retail, including high-end shopping, restaurants, and destination spots. Residents also enjoy immediate access to the Chattahoochee River and numerous nature trail systems. The Sandy Springs submarket is one of metro Atlanta’s largest employment bases and one of the Southeast’s largest Technology Capitals.