CBRE Brokers Sale of 424-unit Merritt at Sugarloaf Apartments in Duluth, Georgia

CBRE has announced the sale of Merritt at Sugarloaf, a 424-unit apartment complex in Duluth, Georgia, a northeastern suburb of Atlanta. Indianapolis-based Birge & Held acquired the property for an undisclosed price.

Paul Berry, Kevin Geiger, Shea Campbell, Ashish Cholia, Colleen Hendrix, Don Hoffman and Malcolm McComb of CBRE Southeast Multifamily arranged the sale on behalf of Passco Companies, LLC.

Located at 2951 Satellite Blvd. NW, Merritt at Sugarloaf includes a mix of one-, two-, and three-bedroom units with an average unit size of 1,027 sq. ft. Built in 1999, the garden-style apartment complex features amenities like a fitness center, two swimming pools, a playground, dog park, tennis courts, clubhouse with Cyber Café, outdoor grilling areas, and a package room. The property also has great access to Interstate 85.

“Merritt at Sugarloaf appears a satisfying result for both seller and buyer. Passco had a successful dividend-focused, 5-year ownership experience while maintaining the property in excellent physical and financial condition. Through the sale, Passco was able to monetize a healthy value gain, supplementing years of steady cash flow,” said Mr. Berry, Vice Chairman with CBRE in Atlanta. “Birge & Held benefits from the property’s irreplaceable features like its 57-acre site, 7.5 unit-per-acre density, A-rated schools and outstanding accessibility to I-85 and Gwinnett County. With 80% near-classic units, Birge & Held is also expected to generate rent growth through its planned value-add enhancements.”

Birge & Held currently owns and manages over 26,000 apartment units across the United States, including six projects in the Atlanta MSA.