The joint venture team of Cushman & Wakefield and Greystone arranged the sale of and provided acquisition financing for, respectively, Alta Bridges, a 250-unit apartment community located in McDonough, Georgia just over 30 minutes from Atlanta.
Cushman & Wakefield’s Robert Stickel, Alex Brown, Ashlyn Warren, Michael Kay, and Sim Patrick represented the sellers in the sales transaction while Greystone’s Donny Rosenberg and Justin Kantrowitz originated a Freddie Mac loan to finance the acquisition. Cushman & Wakefield’s Walker Brown of the Equity, Debt & Structured Finance team was also involved in the financing. The multifamily property was acquired by Sterling Group, who plans to rebrand the community as Icon Bridges.
“The sellers successfully developed and stabilized a high quality, low density multifamily community near Downtown McDonough within Henry County, which has seen nationally recognized rent growth and sustained multifamily demand,” said Stickel, Executive Vice Chair at Cushman & Wakefield.
Alta Bridges is recently built multifamily community ideally positioned in Atlanta’s dynamic I-75 South Corridor. Its strategic location provides access to many of the city’s job nodes and is set to directly benefit from the I-75 South Corridor’s growth. Per CoStar, the immediate area has seen 8.6 million square feet of industrial space delivered in the past two years and 5.1 million square feet of industrial space is currently under construction or planned, bringing a large influx of quality jobs to the area. On-site, Alta Bridges offers a thoughtful site plan, high quality features, unmatched amenities, and rare direct access to the Historic Downtown McDonough.
“Sterling Group leveraged their development experience in this submarket and diversified their holdings through the acquisition of this institutional quality, garden-style asset,” added Alex Brown, Executive Managing Director at Cushman & Wakefield.