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A DC apartment investor has re-entered the Central Perimeter multifamily market, this time across from the future Mercedes-Benz headquarters.
StoneBridge Investments just purchased 550 Abernathy Apartments — a 228-unit apartment complex in Sandy Springs that is along the same corridor as the underway HQ for the luxury automaker — from Harbor Group for $31M, or more than $130k/unit.
Stonebridge's Will Bateman said 550 Abernathy represents a prime value-add play for the firm, which plans to spend an unspecified amount of capital on upgrading the property and units. With in-place rents at about 85 cents per SF, Bateman said StoneBridge aims to push rents above $1/SF.
This isn't Stonebridge's first foray into the Atlanta apartment market. A year ago, it sold Spalding Crossing, also in Sandy Springs, after it bought it in 2013 and pushed it through a renovation campaign. And Bateman said StoneBridge hopes to add to its Atlanta holdings, at the right price.
“[Pricing] is getting steep," he said. "I think you have to be careful. Some value-adds are not truly value-adds. But it's definitely a market we're going to continue to look at."
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