–Leading mid-market investment sales firm represents the seller on two out of region multi-family properties–
Shelton, CT (June 3, 2021) –Northeast Private Client Group (NEPCG) has announced the successful closings of Creekstone Falls Apartments in Sioux Falls, South Dakota, and Riverdale Apartments in Riverdale, GA in two separate transactions. The Metro-North Team represented the Buyer in the $23,000,000 Creekstone Falls transaction, equating to a $104,545 price per unit and a 5.12% cap rate. Separately, The Metro-North Team represented the seller and procured the buyer in the $11,396,000 Riverdale Apartments transaction, equating to a $77,000 price per unit and a 4.53% cap rate.
Creekstone Falls sits on 16 acres and is comprised of 220 – units in 11 buildings. A great example of 1990 class B+ construction, Creekstone Falls features sprawling grounds, brick exteriors, and nuanced architecture. The average unit size at the complex is a spacious 989 sq ft, and approximately half of the units have gas fireplaces. Located at the juncture of I-29 and I-229, this property is less than a 15-minute drive to all major job centers in Sioux Falls.
“Creekstone Falls provided our buyer client an excellent value-add opportunity of scale for their 1031 Exchange purchase need. Sioux Falls, South Dakota is a market not yet on the radar of many Northeastern investors. However, it is a market that boasts some of the strongest population growth and one of the most stable economies in the United States.” -John Lockhart, CCIM, Associate
Riverdale Apartments is a 148-unit, 1969 built garden-style apartment complex in Riverdale, Georgia, located just 15-minutes from downtown Atlanta and Hartsfield Jackson International Airport. The complex is comprised of 18 two-story buildings on 13.5 acres with brick exteriors, a swimming pool, a leasing office, and ample parking.
“This transaction represented a true win-win. The seller was able to capitalize on strong demand and rising prices for garden-style multifamilies in the Southeast, while the property presents a tremendous opportunity for the buyer to capitalize on the explosive growth in Greater Atlanta. Congrats to both parties.” -Brad Balletto, VP of Investments
“Now in our second decade, we continue to grow with our clients moving into larger deals outside our core markets. Our nationwide network of in-state brokers allows us to add value wherever we see an opportunity. From New England to Georgia to South Dakota, our clients trust Northeast Private Client Group for expert multifamily analysis and successful transaction management.” -Edward Jordan, CEO
Northeast Private Client Group specializes in assisting investors, owners, and syndicators of mid-market multi-family real estate properties between $1M – $50M in the Northeast and Southeast regions. We represent sellers exclusively with their best interests in mind. We establish a trusted relationship by providing knowledge and guidance to help our clients achieve their individual goals for maximizing value and return on the sale of their real estate investment. Our highly disciplined process is just one of the many reasons the firm has earned CoStar’s Power Broker designation year after year. To learn more, visit https://northeastpcg.com.
