ATLANTA, Dec. 6, 2023 /PRNewswire/ — Affiliates of Harbor Group International, LLC (“HGI”), a privately owned international real estate investment and management firm, today announced the acquisition of The Statesman, a newly built 336-unit multifamily community in the northeast Atlanta suburb of Cumming, Georgia. Nearing the end of lease-up, the property is 89% occupied as of November 27, 2023. The property has averaged more than 20 move-ins per month, demonstrating strong lease-up performance and demand for high-quality apartment housing in the Atlanta market. Walker and Dunlop’s Chris Goldsmith facilitated the transaction from the investment sales side and Craig West from the capital markets team.
The Statesman’s Forsyth County location provides residents a suburban living option with access to several employment, entertainment and high-quality education options. The area is home to approximately 75 international companies and notable employers including Apple, AT&T, EY, Dell, ADP, Northside Hospital and Emory Healthcare, with another 570,000 new jobs anticipated to come in the area in the next few years.
“Forsyth County has had very little new development over the last 10 years and has minimal future multifamily supply slated, creating significant demand for new and modern apartment housing,” said Yisroel Berg, Chief Investment Officer – Multifamily at HGI. “As a new development with high-quality amenities, we expect The Statesman to garner a strong renter base as the greater Atlanta market continues to benefit from both job and population growth.”
The immediate area surrounding The Statesman has benefited from an extremely low crime rate, and household income averages approximately $150,000 within a 3–5-mile radius of the property. The community is proximate to a range of convenient grocery and retail amenities as well as Cumming City Center, a new mixed-use development offering dining and shopping, office space and recreation including a putting course and walking and biking trails.
Built in 2023, The Statesman features one- and two-bedroom units with a premier amenity package, including a resort-style saltwater pool with a sundeck, communal grilling area, 24-hour state-of-the-art fitness center, pet spa and residential lounge. Apartment interiors include large granite islands, designer lighting, energy-efficient LED fixtures, mosaic tile backsplash and expansive walk-in closets.
About Harbor Group International
Harbor Group International, LLC, and its affiliates control an investment portfolio of approximately $19 billion, including 55,000 apartment units in the United States and 5.0 million square feet of commercial space throughout the United States and the United Kingdom. In addition to its corporate headquarters in Norfolk, Virginia, HGI maintains offices in New York, Baltimore, Los Angeles, and Tel Aviv. Follow HGI on LinkedIn.
SOURCE Harbor Group International, LLC
Originally published at https://www.prnewswire.com/news-releases/harbor-group-international-acquires-northeast-atlanta-multifamily-community-302008000.html
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