ATLANTA, GA – CBRE Capital Markets has arranged the sale of Echo at North Point Center, a 111-unit multifamily property located at 10105 Westside Parkway in Alpharetta, GA, a suburb north of Atlanta. An Atlanta-based private equity firm acquired the newly built Class A property for $26.1 million, which equals $235,135 per unit.
CBRE’s Shea Campbell, Colleen Hendrix, and Steve Newbern represented the seller and developer, Pollack Shores, in this transaction.
“We received a lot of interest in this property as Alpharetta is a market with a very high barrier of entry. Including Echo, only five multifamily properties have been completed in the last 15 years, creating a vastly under-served top-end rental market,” said Mr. Campbell, senior vice president at CBRE Capital Markets. “Alpharetta is a major employment center, which is home to many tech giants such as ADP and Verizon. It’s a high-income area with affluent residents and therefore a very attractive investment market.”
Completed in 2017, the property features high-end amenities such as a resident lounge, modern pool with sun shelf and lounge terraces, outdoor grilling area with fire pit, bocce ball court, community garden, oversized fitness center, dog spa, and art room. It is within close proximity to Alpharetta’s North Point Mall and the mixed-use Avalon development with chef-driven restaurants and high-end retail and entertainment options.
About CBRE Group, Inc. CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com