Praedium Nabs $43M Atlanta-Area Apartment Community
- Nov 01, 2016
Atlanta—New York City-based real estate investment firm The Praedium Group LLC has announced the $43.2 million purchase of the Crest at Laurelwood apartment community in Woodstock, Ga. The property was acquired from seller Residential Group, according to Yardi Matrix.
Located at 10247 Highway 92 and completed in 2015, the community consists of 272 luxury apartment units within one of the highest-growth submarkets of the Atlanta metro area. The property comprises eight buildings with units featuring 9- and 10-foot ceilings, private balconies, cherry wood cabinetry and tiled-backsplashes. Crest at Laurelwood offers a wide range of amenities, including a two-story fitness center a yoga center, resort-style swimming pool, outdoor fireplace and electric car charging stations.
The community offers easy access to downtown Woodstock and is less than 30 miles away from more than 280,000 job opportunities in North Fulton and Cumberland. In addition, the community is located close to large development projects that are expected to boast the area’s economy, such as the new $1.1 billion Atlanta Braves stadium and mixed-use development slated for completion in 2017.
“Crest is a high quality asset in a market with some of the top schools in the state of Georgia and direct access to an award winning downtown restoration and redevelopment,” Peter Calatozzo, managing director of Praeditum Group, said in a prepared statement.
According to Yardi Matrix data, the property is subject to a five-year, $27 million Fannie Mae loan due August 2021.
Image courtesy of The Praedium Group