LAGRANGE, GA—Capstone Apartment Partners has brokered the $21 million sale of SunRidge Apartment Homes. The 192-unit garden-style community is located along the Hogansville Rd corridor, with 11 apartment buildings situated around a small pond.
Capstone represented the seller, Sunny Pak, and procured the buyer, Southwood Realty Group. Southwood also recently acquired The Commons at Sun Park, which is located next door to SunRidge Apartment Homes for $13.5 million. They are excited to add the two adjacent assets to their growing Georgia portfolio as it will improve efficiencies across the board.
The Capstone Apartment Partners transaction team was led by Alex McDermott, Bryse Toothaker, Austin Green, Sean Henry, and Dan McBurney.
“We are pleased to continue providing an unparalleled level of real estate services to our clients and increase our Georgia presence. With the recent acquisition of SunRidge Apartment Homes and The Commons at Sun Park next door, Southwood is able to gain scale and efficiencies in the LaGrange market,” McDermott said.
Built in 2001, SunRidge Apartment Homes is comprised of one-, two-, and three-bedroom units and was approximately 96% occupied at the time of closing. The amenity-rich community features a swimming pool, playground, tennis courts, volleyball court, putting greens, grilling area, fitness center, car washing station, and laundry facilities. Each apartment home includes a fully equipped kitchen, ceiling fans, walk-in closets, a patio or balcony, and washer/dryer connections.