Admiral Capital, Elite Street Sell Multifamily Community in Metro Atlanta for $51.2M
NORCROSS, GA. — Admiral Capital Group and Elite Street Capital have completed the disposition of The Fields Peachtree Corner, a multifamily property located on One Ashley Lakes Drive in Norcross, about 20 miles northeast of Atlanta in Gwinnett County. An undisclosed buyer acquired the 490-unit asset for $51.2 million.
Through a joint venture, Admiral and Elite acquired the community in May 2016 for $36.3 million and implemented a repositioning and capital improvements program. Renovations included deferred maintenance, enhancing exteriors and upgrading interior units. Select improvements included fitness center, pool area and other amenity upgrades, replacement of wooden decks and landscaping improvements. Interior renovations included replacing countertops, modernizing kitchen cabinets, appliances and flooring and renovating bathrooms.
Dan Phelan of Newmark Knight Frank handled the transaction.