Lion Real Estate Group, LLC, a real estate investment and asset management firm focused on acquiring “value-add and opportunistic” multifamily properties, recently announced it has acquired Collier Ridge, a 300-unit multifamily property, at 100 Noble Creek Drive, for $67 million. Further terms of the sale were not disclosed.
The property, which was first built in 1980, offers amenities like a pool, tennis court, playground, fitness center, and dog park. The transaction reflects a price of $223,000 per unit or $157 per square foot.
“We are delighted to expand the Atlanta section of our portfolio with another acquisition outside of the city’s urban core,” Jeff Weller, co-founder and managing principal of Lion Real Estate Group, said in a press release. “The city has become a domestic leader in terms of job prospects, rent collection resiliency, and multifamily market performance, making it an attractive destination to deploy capital and realize promising returns alongside our investors.”
Prior to selling, Collier Ridge completed renovations to 60 percent of its units, upgrading them with new cabinetry, stainless steel appliances, vinyl flooring, granite countertops, and subway tile backsplashes. As part of this transaction, Lion Real Estate Group will implement a three-year $2.8 million renovation plan to upgrade the remaining units.
Sixty-two percent of Collier Ridge units are two-bedroom, two-and-a-half-bath townhomes catering to families, and the property is situated close to the Morris Brandon Elementary School.
The transaction marks Lion Real Estate Group’s newest addition to its portfolio of multifamily properties in Atlanta. In September 2020, the firm purchased 584 apartment units across two buildings — Everly Apartments and Domain Apartments — for a combined $83.25 million