Cushman & Wakefield has arranged the sale of Juncture, a 560-unit apartment property located in Alpharetta, Georgia. The sale sets a record price for the highest garden-style, suburban sale in metro Atlanta. Chris Spain, Robert Stickel, Travis Presnell and Alex Brown represented the seller in the transaction. Carter-Haston acquired the property.
“The northern suburbs of Atlanta check all of the boxes for many institutional investors, between the great public schools, high-quality employment, population growth and most of all, the high-barriers to new multifamily construction,” Spain said.
Juncture, built in 2016, features granite and quartz countertops, stainless-steel appliances, hand-scraped hardwood flooring, and sweeping high ceilings complete with crown molding. Amenities include a state-of-the-art wellness center, expansive pool and entertainment lounge.
“Many investors are turning to the suburbs as they are seeking higher yields in supply constrained submarkets,” Presnell said. “Rent growth in the suburbs has remained higher than the core submarkets in Atlanta due to the lack of new apartment development. Also, investors are looking for pre-stabilized assets such as Juncture to capture higher stabilized yields.”