Marietta, GA
CBRE Investment Management Closes $38 Million Mortgage Loan for 228-Unit Multifamily Community Outside Atlanta
March 11, 2022
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Hudson Pitts
Corporate Communications and Media Manager
A fund sponsored by CBRE Investment Management closed on a $38 million mortgage loan to finance TerraCap Management’s acquisition of Crestmont Apartments in Marietta, Ga. The floating-rate loan has an initial term of four years, can extend up to one additional year, and features future funding to finance the sponsor’s business plan.
Crestmont Apartments is a low-density, garden-style property located at 500 Williams Drive and includes 228 units that feature nine-foot ceilings, stainless-steel appliances, walk-in closets, and washer/dryers in select units. Residents also have access to community amenities that include a swimming pool with a sundeck, a playground, a picnic area with grilling stations, a clubhouse, a pet spa, and a dog park.
“Crestmont Apartments has benefited from recent renovations and from the continued rent growth that is occurring throughout the northern Atlanta suburbs,” said Charles Kim, Managing Director for CBRE Investment Management. “We believe that new ownership will capture additional value at the property by leveraging their prior operating history in Marietta and investing in additional interior and exterior enhancements to continue to drive rent growth.”
Robert Kadoori and C.J. Kelly of CBRE Atlanta’s Debt & Structured Finance team arranged the loan on behalf TerraCap Management.
Crestmont Apartments is well-located in Marietta, close to I-75 and I-575, providing excellent access to multiple employment hubs, including Kennesaw State University, Downtown Marietta and the Cumberland/Galleria office market, which includes 20 million square feet of office space. Residents of the property also benefit from its accessibility to nearby retail and entertainment amenities, including Town Center at Cobb, the Cobb Place Shopping Center and The Battery Atlanta, which are all within a 15-minute drive.
About CBRE Investment Management
CBRE Investment Management is a leading global real assets investment management firm with $141.9 billion in assets under management* as of December 31, 2021, operating in more than 30 offices and 20 countries around the world. Through its investor-operator culture, the firm seeks to deliver sustainable investment solutions across real assets categories, geographies, risk profiles and execution formats so that its clients, people and communities thrive.
CBRE Investment Management is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE), the world’s largest commercial real estate services and investment firm (based on 2021 revenue). CBRE has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE Investment Management harnesses CBRE’s data and market insights, investment sourcing and other resources for the benefit of its clients. For more information, please visit www.cbreim.com.
*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Investment Management provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Investment Management’s presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers and from its calculation of regulatory assets under management for purposes of certain regulatory filings.
Crestmont Apartments is a low-density, garden-style property located at 500 Williams Drive and includes 228 units that feature nine-foot ceilings, stainless-steel appliances, walk-in closets, and washer/dryers in select units. Residents also have access to community amenities that include a swimming pool with a sundeck, a playground, a picnic area with grilling stations, a clubhouse, a pet spa, and a dog park.
“Crestmont Apartments has benefited from recent renovations and from the continued rent growth that is occurring throughout the northern Atlanta suburbs,” said Charles Kim, Managing Director for CBRE Investment Management. “We believe that new ownership will capture additional value at the property by leveraging their prior operating history in Marietta and investing in additional interior and exterior enhancements to continue to drive rent growth.”
Robert Kadoori and C.J. Kelly of CBRE Atlanta’s Debt & Structured Finance team arranged the loan on behalf TerraCap Management.
Crestmont Apartments is well-located in Marietta, close to I-75 and I-575, providing excellent access to multiple employment hubs, including Kennesaw State University, Downtown Marietta and the Cumberland/Galleria office market, which includes 20 million square feet of office space. Residents of the property also benefit from its accessibility to nearby retail and entertainment amenities, including Town Center at Cobb, the Cobb Place Shopping Center and The Battery Atlanta, which are all within a 15-minute drive.
About CBRE Investment Management
CBRE Investment Management is a leading global real assets investment management firm with $141.9 billion in assets under management* as of December 31, 2021, operating in more than 30 offices and 20 countries around the world. Through its investor-operator culture, the firm seeks to deliver sustainable investment solutions across real assets categories, geographies, risk profiles and execution formats so that its clients, people and communities thrive.
CBRE Investment Management is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE), the world’s largest commercial real estate services and investment firm (based on 2021 revenue). CBRE has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE Investment Management harnesses CBRE’s data and market insights, investment sourcing and other resources for the benefit of its clients. For more information, please visit www.cbreim.com.
*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Investment Management provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Investment Management’s presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers and from its calculation of regulatory assets under management for purposes of certain regulatory filings.