CBRE Capital Markets has facilitated the sale of Highland Lake Apartments, a 386-unit multifamily property in Decatur, GA, northeast of downtown Atlanta. The property is located at 10 Highland Lake Circle in the high-demand Clifton Corridor, which is home to Emory University, the CDC, and Atlanta VA Medical Center. Gamma Real Estate acquired the property for an undisclosed price.
CBRE’s Kevin Geiger represented the seller, Fairfield Highland Lake LLC, in this transaction.
“Highland Lake remains one of the closest apartment communities to the Emory campus as nearly all land surrounding it is university-owned or developed with single-family neighborhoods,” said Mr. Geiger, vice chairman at CBRE Capital Markets. “The constrained availability of developable land in this market, in combination with the property’s significant upside potential makes this a great investment opportunity.”
Built in 1998 (Phase I) and 2000 (Phase II), Highland Lake features two swimming pools, a lake, clubhouse, barbecue and picnic areas, fitness center, pet park, and putting green. The property was 98.4% occupied at the time of sale.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
