Cushman & Wakefield’s Southeast Multifamily Advisory Group has arranged the $58.6 million sale of Trees of Avalon, a 500-unit apartment community built in 2009 and located in McDonough, Georgia. Chris Spain and Alex Brown of Cushman & Wakefield represented the seller, Watkins Real Estate Group, in the transaction. Fairfield Residential acquired the property.
“As a well-built asset with completely original interiors, Trees of Avalon was a rare property with excellent value-add potential and a great basis relative to replacement cost,” Brown said.
McDonough has one of the most underrated growth stories in metro Atlanta, with high population growth, a thriving industrial market and a minimal development pipeline. Henry County’s rapid population and economic growth has attracted national retailers. Its heavily traveled Interstate 75 corridor is a 2.7 million-square-foot super-regional and still-growing destination retail magnet, with 500,000 square feet in new retail/mixed-use developments planned. Trees of Avalon is uniquely positioned to benefit from the rapidly expanding surrounding retail and industrial development.