GWINNETT COUNTY, GA—Capstone Apartment Partners has closed the $128 million sale of Vida Apartments: a 687-unit apartment asset in the Atlanta suburb of Norcross, Georgia. This transaction marks one of the largest transactions in the firm’s history. The asset is situated on 30 acres, and is comprised of one-, two-, and three-bedroom apartment homes in 32 three-story buildings.
The Capstone transaction team was led by Tyler Hogan, Sean Henry, and Robert Yates, who sold the property on behalf of Beitel Group. The buyer is New York-based Ashcroft Capital. They made a splash in the Atlanta market by purchasing four flagship assets in 2021, and they plan to continue growing their portfolio in Atlanta in 2022. Capstone facilitated two of Ashcroft’s 2021 Atlanta-area transactions.
Ashcroft Capital has since rebranded the property as Elliot Norcross. They plan to continue the renovation plan on unit interiors and significantly improve the amenities at the property. They also plan to revitalize the community by improving the operations with their first-class management team. These improvements, alongside the location of the property, will reposition the asset in Norcross market.
“Tyler executed the deal beautifully from the beginning to post closing. The due diligence was very strenuous. Everyone across the board relied on Capstone for all the information, and they offered full-service support and were involved every step of the way,” said Scott Lebenhart of Ashcroft Capital.
Vida Apartments was built in 1972 and was approximately 95.6% occupied at the time of closing. The community’s generous amenity package includes a swimming pool, clubhouse, fitness center, picnic/grilling area, dog park, soccer field, playground, game room, co-working lounge, and laundry facilities. Each apartment home features white shaker cabinetry, subway tile backsplash, black appliances, and a private patio or balcony. Select units also boast quartz-style countertops, vinyl wood flooring, and washer/dryer connections.