Cushman & Wakefield has arranged the $53.8 million sale of The Reserve at Ridgewood, a 269-unit apartment community located in metro Atlanta. Nathan Swenson, Travis Presnell and Mike Kemether of Cushman & Wakefield represented the seller, Aspen Square, in the transaction. Resolute Real Estate acquired the property.
“The ongoing renaissance of Sandy Springs has provided high-octane fuel to rental rates in the area and economic diversity that is the bedrock of investment fundamentals,” Swenson said. “Reserve at Ridgewood offered the buyer an opportunity to capitalize on the long-term prospects of Sandy Springs.”
Built in 1981, Reserve at Ridgewood is located in Sandy Springs on Roswell Road, a major connector just minutes away from the nearby Central Perimeter corporate job base, home to the new Mercedes-Benz and State Farm corporate campuses. The new owner is poised to benefit from a comprehensive renovation that has taken place over the past few years, including a renovated leasing office, fitness center, business center, pool area and interior upgrades, among other improvements.
Cushman & Wakefield’s Sunbelt Multifamily Advisory Group ranks No. 1 in Sunbelt market share based on more than $4.8 billion in multifamily investment sales through the third quarter (Source: Real Capital Analytics www.rcanalytics.com). Market share reflects sales for Alabama, Arkansas, Northwest Florida, Georgia, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee and Texas. For more information, visit https://multifamily.cushwake.com.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
