ECI Group announces the sale of Chatsworth Apartments in the Central Perimeter area in Chamblee, Georgia for $87 million. The 410-unit, 1980 vintage community was acquired by ECI in 2018 and underwent an extensive common area renovation over the last four years.
“ECI is proud of the renovations and repositioning at Chatsworth accomplished since we acquired it in 2018, improving the resident experience in a community within an area of high demand in the Central Perimeter submarket,” said Jimmy Baugnon, Chief Investment Officer at ECI Group. “The Chatsworth sale fits with ECI’s strategy to recycle capital from older assets and exchange into newer assets; in this case invested in our recently announced Verso acquisition in Davenport, Fla..”
Chatsworth Apartments is well-located off of N. Peachtree Road, surrounded by single family home neighborhoods, with immediate access to I-285 and the abundance of employment, retail, and entertainment options in the Central Perimeter, a magnet for corporate locations and relocations. Healthcare facilities have arisen at the epicenter of the submarket with three major hospitals and medical office campuses now known as “Pill Hill” providing additional employment and attracting even more demand from residents seeking attainable housing. ECI renovated building exteriors, replaced roofs throughout the community and renovated amenities including the pool area.
ECI extends its appreciation to Kevin Geiger at CBRE for his representation of the seller.