The Fields at Peachtree Corners
A partnership of Liquid Capital Real Estate Partners and Wilson Investment Properties has acquired a 490-unit community in Norcross, Ga. The Fields at Peachtree Corners traded for $51.2 million, marking the partnership’s fourth major acquisition in the Atlanta area and the second in Gwinnett County.
Elite Street Capital sold the asset after a 2-year holding period. According to Yardi Matrix, the property previously traded for $36.8 million in 2016, when it also became subject to a $29.1 million loan provided by Fannie Mae and due in 2026.
The Fields at Peachtree Corners is located at 6520 Hillandale Drive. The community occupies 45 acres and comprises 40 buildings and a leasing office. The floorplan mix consists of one-, two- and three-bedroom units, ranging from 786 to 1,477 square feet. Common-area amenities include:
fitness center business center clubhouse tennis court volleyball court playground swimming pool laundry facilities 800 parking spaces
The nearby area includes the Peachtree Corners shopping center, several restaurants and immediate access to Peachtree Industrial Boulevard. Downtown Atlanta is located about 20 miles away.
According to the partnership, the choice to expand its Atlanta-area portfolio is based on the metro’s sustained economic and demographic growth. In particular, multiple job opportunities—it has the third largest concentration of Fortune 500 headquarters in the U.S.—make the location a viable choice in the eyes of investors, according to Wilson Investment Properties. The new owner of The Fields at Peachtree Corners plans to invest heavily in exterior and interior upgrades to the community.
“These offerings allow our investors to diversify their investment portfolios outside of stocks and Wall Street. Many of our clients love that they can invest directly in an institutional-grade product for a fraction of the cost,” said Tom K Wilson, principal at Wilson Investment, in a prepared statement.
Image courtesy of Yardi Matrix