Domum Real Estate Partners has sold The Eclipse, a 175-unit Class B community in the northeastern suburbs of Atlanta, for $22.2 million. Walker & Dunlop provided the buyer, Investors Management Group, with a 10-year, $15.1 million Freddie Mac acquisition loan.
The purchase comes on the heels of the company’s $40 million value-add acquisition of a 276-unit community in Tampa, Fla. IMG’s portfolio now exceeds 2,800 units, according to Yardi Matrix.
Located at 4155 Satellite Blvd. in Duluth, Ga., The Eclipse is positioned near Interstate 85, approximately 20 miles from downtown Atlanta. The community is a stone’s throw from a wide variety of big-box retailers, including Costco, Kohl’s and The Home Depot.
The community contains a mix of one- and two-bedroom apartments, with floor plans including between 650 and 1,100 square feet. The property offers a range of amenities, including a fitness center, a swimming pool, a coffee bar, a clubroom and complimentary Wi-Fi. The asset was 94.9 percent occupied as of September, per Yardi Matrix data.
Published November 5, 2018 by Jeff Hamann, Multi-Housing News