Lion Real Estate Group Acquires Collier Ridge For $67 Million
Lion Real Estate Group, LLC, a real estate investment and asset management firm focused on acquiring multi-family properties with “value and opportunity”, recently announced the acquisition Collier Ridge, a 300-unit apartment building at 100 Noble Creek Drive, e.g. $ 67 million. Further terms of sale were not disclosed.
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Built in 1980, the property offers amenities such as 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 excited to add the portion of our Atlanta portfolio to another acquisition outside of the urban core of the city.” Jeff Weller, Co-founder and managing director of Lion Real Estate Group, said in a press release. “The city has emerged as a domestic leader in employment prospects, resilience to rental income and market performance in apartment buildings. This makes it an attractive destination to invest capital and generate promising returns with our investors.”
Prior to the sale, Collier Ridge completed a 60 percent renovation of its units and upgraded them with new cabinets, stainless steel appliances, vinyl floors, 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 improve the remaining units.
62 percent of Collier Ridge units are two-bedroom, two-and-a-half bath townhouses for families. The property is located near the Morris Brandon Elementary School.
The transaction is the Lion Real Estate Group’s latest addition to its Atlanta apartment building portfolio. In September 2020, the company purchased 584 residential units in two buildings – Everly Apartments and Domain Apartments – for a total of $ 83.25 million