ATLANTA, GA—Capstone Apartment Partners has facilitated the $52.6 million sale of Grace Abernathy: a 228-unit garden-style apartment asset in north Atlanta’s Sandy Springs suburb. The asset is situated off Abernathy Rd NE between SR-9 and US-19, proximate to several shopping centers including Perimeter Mall, Abernathy Square, Cornerstone Square, and Hammond Exchange.
Capstone’s Tyler Hogan, Sean Henry, and Robert Yates sold the property on behalf of MSC Investments. The buyer, Ashcroft Capital, plans 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 the Sandy Springs market.
“Tyler bulldogged the deal from the beginning. The due diligence was strenuous but were able to close in just 35 days. 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.
Built in 1972, Grace Abernathy is comprised of two- and three-bedroom apartment homes in 18 three-story buildings. Community amenities include a swimming pool, clubhouse, business center, fitness center, laundry facility, and picnic/grilling area. Select units at the property have been upgraded with wood-style flooring, white cabinetry, stainless-steel appliances, granite countertops, subway tile backsplash, and upgraded hardware and light fixtures. Grace Abernathy was approximately 94% occupied at the time of closing.