GWINNETT COUNTY, GA—Capstone Apartment Partners arranged the $71.35 million sale of The Retreat at Arc Way: a 284-unit garden-style apartment community in the Atlanta suburb of Norcross, Georgia. Situated on 35.67 acres, the asset is proximate to an abundance of Class A retail along the Pleasant Hill Rd corridor including shops and restaurants at Santa Fe Mall, Mall Corners, Gwinnett Place Mall, and Promenade on Pleasant Hill.
The Capstone transaction team was led by Atlanta-based Tyler Hogan, who sold the property on behalf of Wilkinson Corporation. The buyer is New York-based Ashcroft Capital, who plans to reposition the asset by modernizing community amenities and upgrading unit interiors with new flooring, stainless-steel appliances, blacksplashes, and new countertops. The community has already been rebranded as Elliot Gwinnett Place.
“We always enjoy working with Tyler and the Capstone team. Ashcroft is excited to add this asset to our portfolio as we are very optimistic about the Atlanta market. We have purchased six assets in the last fifteen months in Atlanta—half of which are from Capstone. We look forward to continuing to grow our presence in Atlanta and with Capstone,” said Scott Lebenhart, Chief Investment Officer at Ashcroft Capital.
Built in 1986, Retreat at Arc Way is comprised of one-, two-, and three-bedroom apartment homes in 29 two-story buildings. Each apartment home features a fully equipped kitchen, washer/dryer connections, walk-in closets, a fireplace, and a patio or balcony. Community amenities include a swimming pool, dog park, fitness center, tennis court, picnic/grilling area, putting green, clubhouse, playground, gated parking, and package lockers. The Retreat at Arc Way was 96% occupied at the time of closing.