ATLANTA – Admiral Capital Group (“Admiral”) and McCann Realty Partners (“McCann”) today announced the acquisition of Retreat at Riverside (formerly known as Altera Riverside), a 412-home community in Lawrenceville, Georgia within the Atlanta MSA. The property will be managed by Atlantabased Pegasus Residential.
The 1996/1999 vintage property offers three-story buildings within an attractive, low-density setting across 35 acres. Retreat at Riverside is located on Duluth Highway, with close proximity to Georgia Gwinnett College, Gwinnett Medical Center Lawrenceville, and the I-85 job corridor (19 million square feet of office and 45 million square feet of industrial space).
The joint venture will invest capital to upgrade all unrenovated units, reduce utility consumption across the property, and add new amenities, including a package system, children’s playground, and outdoor kitchens.
“Gwinnett County’s population growth has continued to impress us since our first investment in the submarket,” said Admiral’s Vice President of Acquisitions, Patrick Heffernan. “Retreat at Riverside was particularly attractive due to its microlocation, providing immediate access to the local job centers as well as the abundant retail amenities.”
“We are excited to add another Atlanta community to our portfolio and expand our successful partnership with McCann,” said Admiral Co-Founder Dan Bassichis. “We identified Atlanta and the northeast high job growth corridor as an area for investment opportunity several years ago. We have had great success acquiring value add assets and transforming them into thriving communities that meet the needs of the growing population in the area.”
“We believe Lawrenceville is a later recovery suburb of Atlanta that still has significant upside. Our team is looking forward to executing further renovations to provide the residents with an even better living experience,” said Thomas Upson, Principal and Managing Director at McCann.
McCann President Matthew Akin said, “We are pleased to expand our partnership with Admiral. The Atlanta MSA has a strong and very diversified employment base. This acquisition is consistent with our strategy to find quality assets where we can create value through upgrades to the property and benefit from an improving submarket.”
The acquisition represents Admiral’s fifth investment in Atlanta bringing its units currently under management to over 2,000 across the MSA. Admiral Co-Founder David Robinson added, “Atlanta’s impressive job growth continues to make it an attractive and core investment market for Admiral.”
CBRE’s Atlanta team led by Kevin Geiger handled sale.
About Admiral Capital Group
Admiral Capital Group was founded by David Robinson, philanthropist and NBA Hall of Famer, and Daniel Bassichis, formerly of Goldman Sachs, to invest in real estate and private equity opportunities. Admiral, in partnership with USAA Real Estate acquires value-add multifamily, office, retail and hospitality properties valued between $20 million and $70 million in major U.S markets nationwide. The Admiral founders have pledged 10% of their profits to philanthropic causes in areas where Admiral invests, building on Robinson’s lifetime commitment to support education and lower income communities. For more information, visit www.admiralcg.com.
About McCann Realty Partners
Headquartered in Richmond, Virginia, with offices in Houston, Texas, McCann Realty Partners (“McCann”) is a real estate investment and operating company that specializes in the acquisition, development and operations of multifamily communities in the Southeast, Southwest, and Mid-Atlantic regions. Since inception, McCann has acquired 31 apartment communities totaling more than 8,390 homes in transactions valued at approximately $840 million. McCann has also completed or has under development 10 communities totaling 2,991 homes with an estimated completed value of $400 million. For more information, visit www.mrpapts.com.