It’s easy to understand the attraction apartment investors have for a submarket with more Fortune 500 companies per capita than any city in the country.
Redwood Capital Group says that was among the many attractive features it found about Adley City Springs in metro Atlanta’s submarket Sandy Springs, Ga. The company acquired the 291-unit community on July 8.
The acquisition is part of the company’s ongoing accelerated growth plan that has Redwood Capital aiming to double its current $1.7 billion in assets during the next five years. The company expects to complete acquisitions totaling $600 million in the Southeast, Southwest and Midwest in 2021 alone.
Adley City Springs is a recently constructed, mid-rise property within walking distance of the restaurants and entertainment venues in downtown Sandy Springs. The submarket is home to regional headquarters for State Farm, Mercedes Benz, Cox Enterprises, First Data Corp. and others.
Redwood Capital Group’s portfolio consists of 8,600 apartments across 28 communities throughout the US with a gross asset valuation of approximately $2 billion. Its executives recently discussed the company’s plans.