Cushman & Wakefield has arranged the $79.5 million sale of Trees of Newnan, a 500-unit apartment community located in Newnan, Georgia. Chris Spain, Robert Stickel and Alex Brown of Cushman & Wakefield represented the seller, Watkins Real Estate Group, in the transaction. The Praedium Group acquired the property, which is being rebranded to The Willows at Ashley Park.
“For more than 40 years, Watkins has developed quality product in suburban markets throughout the Southeast, and this project is a prime example of their well-executed vision,” Spain said. “Newnan has been a sleeper market for years and has emerged as comparable to Atlanta’s Northside in schools, jobs, and a high quality of life. Through their quality development, Watkins Real Estate Group helped make this happen.”
Located in the affluent Interstate 85 South Corridor, Trees of Newnan’s strategic location serves the thriving Southern Crescent job market.
“We were pleased with the market response to this unique opportunity,” Stickel said. “This newly built asset provided both immediate cash flow as well as upside potential. The Atlanta market continues to see increasing interest from sophisticated capital seeking yields in Atlanta’s desirable suburbs. As an institutional investor, Praedium recognized the opportunity to acquire an asset at an attractive basis in a market with strong growth potential.”
Amenities include a fully equipped fitness facility, resort-style pool, bark park pet playground and walking/jogging paths with extensive natural wooded areas.