ECI Group (ECI) announces the sale of The Columns at Paxton Lane apartments at 4305 Paxton Lane in Southeast Gwinnett County to InterCapital Group for an undisclosed price. The 296-unit community was developed by ECI in 1996 and has been owned and managed by the company throughout that time.
“The Columns at Paxton Lane, which ECI developed, owned, and managed for more than 25 years, demonstrates the successful execution of a business plan in which our entire team participated,” said ECI Group CEO, Seth R. Greenberg in a statement. “ECI intends to re-invest the proceeds from The Columns at Paxton Lane into a newer multifamily property. Once the re-investment plan is completed, realizing the investment of an older property into a more current property, that deal will mark the 6th such exchange transaction completed by ECI in the past approximately two years.”
The Columns at Paxton Lane is located in one of the fastest-growing submarkets of suburban Atlanta and has benefited since its original development from the addition of nearby Gwinnett County job centers including the Piedmont Eastside Medical Center, Sugarloaf Corporate District, Tucker Office Core, the 700,000 square foot Amazon Fulfillment Center and major industrial parks in the I-85 and I-285 corridors. Residents of the community have also gained access to a growing amenity base with new mixed-use developments and retail centers located within minutes of the property. Community amenities include a central mail kiosk, dog park, swimming pool with cabana area, playground and picnic area, lighted tennis courts, detached garages for some units, and an internet café.
ECI extends its appreciation to Mike Kemether, James Wilber, and Megan Turner of Cushman & Wakefield for their representation of the seller.