Grubb & Ellis Realty Investors has acquired The Retreat at Peachtree City multifamily property in the Atlanta, Georgia suburb of Peachtree City. Financial terms of the deal were not disclosed.
The property, acquired from a joint venture between AMLI Residential and Prudential, comprised 312 units, sitting on nearly 26 acres of land.
The deal included 15 residential buildings and a separate building housing a clubhouse and leasing center, totaling approximately 306,000 square feet. Unit sizes for the property average around 980 square feet. The Retreat at Peachtree City also features a swimming pool, tennis court, fitness center, storage units, business center and access to a 90-mile walking and golf cart trail. The property is approximately 94 percent occupied.
Private equity real estate firms have been increasingly targeting the US multifamily sector in recent months. Last month Newton, Massachusetts-based Northland Investment acquired nine multifamily properties in Austin, Texas, paying $270 million (€189 million) for the properties.
The real estate investment arm of BNY Mellon Asset Management, Urdang, also partnered last month with San Diego, California-based multifamily specialist, the ConAm Group of Companies, to acquire the Rosemeade apartment block at Olympus Pointe in Sacramento, California.