ECI Group has announced the sale of two apartment communities, The Columns at Sweetwater Creek with 270 units in Lithia Springs, GA, and The Columns at Peachtree Corners with 304 units in Norcross, GA for a total of $124.75 million.
ECI did not disclose the buyer or their plans for the long-established properties.
“Unique market conditions in 2021 compelled us to make the often-difficult decision to sell assets that we developed ourselves and have operated for decades in order to exchange into new properties with similar yields but significantly less long-term operational and capital risks,” said ECI Chief Acquisitions Officer, Scott Levitt, in a press release. “In this instance, the sales provided us with the opportunity to close on our recently announced Orlando acquisition, Makara Orlando Apartments, as well as other footprint-expanding acquisitions.”
The Columns at Sweetwater Creek is located at 100 Columns Drive in Lithia Springs and was developed by ECI Group in 2000. The surface-parked garden apartments feature patios and/or balconies, a fitness center and clubhouse, pool, lighted tennis courts, cabana, and many individual garages. The community is within walking distance to the 2,549-acre Sweetwater Creek State Park.
The Columns at Peachtree Corners at 3400 Peachtree Corners Circle in Norcross is located within the largest industrial market in the Southeast, the I-85 Industrial Corridor. Developed by ECI Group in 1980-1982, the property has been owned and managed by ECI Group for more than 40 years. The wooded community has a pet park, pool, nature trail, tennis courts, outdoor grills, and a playground. Since the property’s development, Peachtree Corners has become one of Atlanta’s most desirable suburbs with more than 40,000 residents living within the city.
2 Responses
The headline of this article is misleading. Well written headlines do not need to be misleading. Should have read $124,750.00
We added “MM” into the headline to clarify the deal was for $124.75 million. Thanks!