Cushman & Wakefield announced that the commercial real estate services firm has arranged the sale of The Carlyle of Sandy Springs, a 389-unit multifamily community, at 501 N River Pkwy. The sales price was $105.6 million, equating to more than $271,000 per unit.
Mike Kemether, Travis Presnell, and James Wilber of Cushman & Wakefield represented the seller, Spyglass Capital Partners, in the transaction. The property was acquired by WashREIT.
“With some of the largest apartment units in the submarket and with an abundance of sought-after townhomes at the property, WashREIT plans to continue with unit upgrades and adding value for middle-income renters,” Kemether, Executive Vice-Chair at Cushman & Wakefield, said in a press release Tuesday. “The DC-based owner is well-positioned with their entry into the Sandy Springs submarket as they continue expanding in the Southeast with their third acquisition in the Atlanta area.”
Built in 1972, The Carlyle of Sandy Springs features large floor plans with townhomes averaging 1,300 square feet and is situated near more than 9 million square feet of surrounding retail. Residents also enjoy immediate access to the Chattahoochee River and numerous nature trail systems.
WashREIT’s plans for The Carlye were not disclosed.
