LOS ANGELES – May 21, 2013 – CBRE Strategic Partners U.S. Value 6, a fund sponsored by CBRE Global Investors, has acquired Dunwoody Place, a Class A, 396-unit, garden-style apartment community in the Buckhead/Sandy Springs submarket of Atlanta that is currently 95.7 percent occupied.
Located at 6850 Dunwoody Rd., Dunwoody Place is strategically located within Atlanta’s Central Perimeter Area. It is situated next to the North Springs MARTA station, allowing residents convenient access through a private secure gate and bridge on the property. This direct MARTA access is unique and sets Dunwoody Place apart from its competition. The affluent area boasts strong demographics, high single-family home values, and access to excellent schools and upscale dining/retail amenities.
The Strategic Partners team is planning a value-add strategy focused on interior renovations. The scope of the renovation program will include installation of granite countertops and stainless steel appliances, new cabinet doors and hardware, light fixtures, and flooring. To complement the interior renovation program, the team is also planning enhancements to the common amenities including the clubhouse, business center, cyber cafe, fitness center equipment, and pool amenities.
“The CPA office submarket, which represents the largest concentration of office space in the Southeastern U.S., is home to 24.1 million square feet of office space including the headquarters locations for three Fortune 500 companies, and it continues to realize strong job growth,” said Steve Zaleski, Managing Director, CBRE Global Investors Multi-Housing Group.
“Dunwoody Place has been well-maintained and features many amenities that differentiate it from communities of similar vintages,” said Steve Gullo, Managing Director, CBRE Global Investors Multi-Housing Group. “Now under a new owner-operator with a dedicated asset management team, the installation of a best-in-class property management company, and implementation of our Inspired Lifestyle customer service program, we believe that significant operational upside exists.”
Kevin Geiger of CBRE’s Southeast Multihousing Group, along with his partners Malcolm McComb and Paul Berry, represented the seller in the transaction.
“The Atlanta market is one of the most popular cities to invest in at this time,” Geiger said. “Job growth has definitely rebounded, and we are seeing subsequent rent growth. More investors are seeking well-located Atlanta apartment communities than during the peak years of the last cycle. Opportunities are abundant for smart, aggressive capital.”
About CBRE Global Investors
CBRE Global Investors is a global real estate investment management firm with $90.7 billion in assets under management* as of March 31, 2013. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBG). It harnesses the research, investment sourcing and other resources of the world’s premier, full-service commercial real estate services and investment company for the benefit of its investors. CBRE Group, Inc. has approximately 37,000 employees in more than 300 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com.
*Assets under management (AUM) refers to fair market value of real estate-related assets with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice, and which generally consist of properties and real estate-related loans; securities portfolios; and investments in operating companies, joint ventures and in private real estate funds under its fund of funds program. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real estate market, and its calculation of AUM may differ from the calculations of other asset managers.