ATLANTA, GA – StoneBridge Investments of Washington, DC, has bought River Vista, a 196-unit upscale garden apartment community in the suburban Atlanta community of Sandy Springs, for $33.4 million. The seller, an affiliate of The Milestone Group, was represented by David Gutting and Derrick Bloom of JLL.

This is StoneBridge’s fifth apartment community acquisition in the Atlanta metro market over the past several years, for a total of 1,148 units. “With its strong employment growth, brilliant quality of life, and relatively low cost of living, we remain bullish on the dynamic Atlanta market,” said Kees Bruggen, Managing Director, StoneBridge Investments.  “Our location in Sandy Springs, on the GA-400 corridor, puts us directly in the path of growth, and in close proximity to fantastic schools, high-end demographics, world-class cultural amenities, and major employment centers.”

Built in 1996 on a lushly landscaped 17-acre site near the Chattahoochee River, River Vista’s strategic location provides unmatched accessibility to the booming employment hubs of North Fulton and Perimeter Center, home to nearly 300,000 jobs. Other nearby employment hubs include Northridge Plaza, Preston Ridge, Milton Park, and Sanctuary Park. Employment is growing in the technology, healthcare, finance, telecommunications, logistics, and business services sectors.

The property is less than six miles from major new office and mixed-use developments including State Farm’s Southeast Regional Headquarters, the $100 million Mercedes Benz North American Headquarters, amenity-rich High Street Atlanta, and the award-winning billion-dollar Avalon development with 570,000 square feet of retail space and 678,000 SF of office space where tenants include Microsoft and BitPay.

River Vista residents can walk, bike, or drive across the street to access part of the Chattahoochee River National Recreation Area, a serene riverside park offering trails, rafting, fishing, and other activities. This is just one of over 20 parks in the areas with over 900 acres of parkland and 184 miles of pedestrian trails including the Roswell Riverwalk.

But residents don’t even need to leave home to relax. River Vista has an outdoor swimming pool with sundeck seating, a clubhouse, outdoor kitchen and social area with grills and TV, a playground, and a 24-hour strength and cardio fitness center.

The community’s one- to three-bedroom apartments, with an average size of 1,098 SF, feature elegant crown molding, built-in shelving, hardwood-style flooring, private patios or balconies, and wood-burning fireplaces in select units. River Vista is located at 9200 Roberts Drive in Sandy Springs, about 20 miles north of downtown Atlanta.

The new ownership plans to continue and expand the ongoing interior modernization program that includes kitchen and bath upgrades, new two-inch blinds, installing full-size ensuite washers and dryers, and making fenced “backyards” for select ground-level apartments.

“River Vista has historically loved strong performance, and we believe there is a compelling growth opportunity remaining through strategic renovations and continued modernization of the property,” said Will Bateman, Director, StoneBridge Investments.  “By performing in-unit renovations along with more comprehensive exterior improvements to enhance curb appeal, we aim to close the gap between River Vista and its newer competitors while still maintaining its relatively affordable position in the submarket.”

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ATLANTA, GA – Fogelman Properties, one of the country’s largest, privately-owned and fully integrated multifamily investment and property management companies, is pleased to announce the acquisition of Ashford East Village, a 371-unit multifamily community located in East Atlanta Village. 

The community is 95% occupied and offers one, two and three-bedroom apartment homes ranging from $900 to $1,375 per month. The newly-bought property is expected to undergo a rebranding and a mix of amenity area improvements. In connection with the investment, enhancements will emphasize a modern fitness facility and the continuation of interior unit renovations including the installation of quartz countertops, vinyl plank flooring and upgraded plumbing fixtures.

Fogelman bought Ashford East Village through a joint venture with New York-based DRA Advisors. Since 2003, the Fogelman-DRA partnership has bought 28 multifamily communities totaling 9,150 apartment homes, with an aggregate value of more than $915 million. 

“Investment and revitalization continues to accelerate in the infill East Atlanta neighborhoods as residents are drawn by a mix of urban amenities such as top-rated restaurants and entertainment options including the BeltLine.” says Mike Aiken, VP of Acquisitions at Fogelman. “Ashford East Village is uniquely positioned to benefit from the growing residential demand near East Atlanta Village for high-quality housing at a discount to new construction nearby.”

Fogelman Properties is one of the country’s largest and most experienced privately-owned multifamily investment and property management companies.Founded in 1963, Fogelman operates 88 multifamily communities totaling 28,000 apartment homes spread across 10 states in the Southeast, Southwest, and Midwest.

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ATLANTA, GA – Wood Partners, a national leader in multifamily real estate development and acquisition, announced the grand opening of its newest luxury residential community – Alta Dairies – in Atlanta, Georgia.

The new, residential community is located at 777 Memorial Drive SE, in the heart of the East Atlanta submarket. It is a centerpiece of the ongoing Atlanta Dairies redevelopment and the revitalization of Memorial Drive, a major east-west connection in East Atlanta. With immediate access to the Atlanta BeltLine when the extension to Memorial Drive opens this summer, residents will be able to benefit from the redevelopment and revitalization of this thoroughfare.

“The East Atlanta submarket has seen a phenomenal transformation over the last decade,” said Bennett Sands, Managing Director for Wood Partners. “We believed that our Atlanta Portfolio would benefit greatly by having a major investment in this submarket, and we are excited to be launching that effort with the grand opening of Alta Dairies.”

In addition to its central location, Alta Dairies is strategically positioned in the midst of a competitive employment region. With notable career opportunities at Coca-Cola, Delta Airlines, Emory University, Morehouse College, UPS, AT&T, Grady Hospital and Children’s Healthcare of Atlanta, among the broad number of Fortune 500 companies headquartered in the region, residents have top-caliber employment options in close proximity. There are also a number of outdoor spaces within a small distance, including Grant Park, Cabbagetown Park and Historic Fourth Ward Park.

“It was vital to us to ensure that we were preserving the vibrant cultural elements of the East Atlanta submarket when designing Alta Dairies,” said Sands. “That is why you will find community spaces filled with authentic, local art and graphic graffiti.”

Alta Dairies is a premier, residential property in Reynoldstown that champions a community experience. For both the avid outdoor enthusiast and the technology-savvy young professional, Alta Dairies has amenities for all. An impressive indoor/outdoor rooftop sky lounge with double-sided fireplace boasts unparalleled views of Downtown and Midtown Atlanta, along with outdoor biergarten with bocce and yard games, outdoor kitchens with gas grills, a saltwater swimming pool with a tanning shelf, and expansive bicycle storage room and repair center. Residents will also be able to delight in a 24/7 fitness center with power gym and dedicated yoga studio, a pet spa and washroom, business center and conference room with rentable office spaces, as well as a fully furnished guest suite.

Inside, units have been designed to elevate the standard of living in this submarket. Units feature high ceilings, private patios or balconies, stainless steel kitchen appliances, gas ranges, quartz countertops, and other modern finishes that make the apartment homes at Alta Dairies the top of their class.

The community totals 312 units, featuring studios, and 1- and 2-bedroom floor plans, and offers an on-site parking garage. Alta Dairies joins a list of three properties managed by Wood Partners in Atlanta, with several under construction and in the pipeline.

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