JLL Capital Markets announced this week the closing of the sale of Peachtree Corners Reserve, a 354 units, value-added multi-unit asset in Peachtree Corners.
JLL represented the seller, CFI Legacy Peachtree Corners, LLC, and the property was managed by RPM Living Investments. Terra Cap Management, LLC acquired the asset for an undisclosed sum.
Built in 1985 and located on 44.97 lakefront acres at 3495 Jones Mill Rd., The Reserve at Peachtree Corners consists of one, two and three bedroom units with washer and dryer hookups, kitchens with islands, faux hardwood floors and brick fireplaces in some spaces. Community amenities include a swimming pool, private lake view, fully equipped fitness center, dog park, lakeside clubhouse, and business center.
The JLL Capital Markets sales and advisory team representing the seller was led by the Senior Managing Director John Weber, General manager Bill Shippen, Director Vic Ciancetta, and director Amalia Londono.
“The Peachtree Corners Reserve offered investors a well-managed asset with a solid physical plant that was ready for significant renovations,” Shippen said in the announcement. “Our letting process has demonstrated the significant renovation premium in addition to the solid organic rental growth. This transaction establishes a new price level for the Peachtree Corners submarket.
JLL Capital Markets is a global, full-service provider of capital solutions for property investors and occupiers. The firm has more than 3,000 capital markets specialists worldwide with offices in nearly 50 countries.