CBRE Investment Management Closes Mortgage Loan for 280-Unit Multifamily Community Outside Atlanta
June 22, 2022
A fund sponsored by CBRE Investment Management closed on a mortgage loan to finance a joint venture of LEM Capital and McCann Realty Partners’ acquisition of the Five Oaks apartment complex in a northeast suburb of Atlanta.
Five Oaks apartments is a Class A, garden-style multifamily property located at 1200 Montreal Road in Tucker, Georgia, and includes 280 units that feature nine-foot ceilings and private balconies/patios. Select units offer fireplaces, built-in bookcases and washer/dryers in-unit. Residents also have access to various community amenities that include a fitness center, a resort-style swimming pool with a sundeck and grilling stations, clubhouse with cybercafé, business center, car care center, dog care center and a secure package room.
“This transaction provided an opportunity to lend to an established multifamily investor with a strong track record in Atlanta and across the Southeast. We believe that the new ownership’s renovation plans coupled with strong economic fundamentals will ensure that this asset provides long-term profitable outcomes for our investors while also offering an excellent living experience for the residents,” said Michelle Liu, Managing Director for CBRE Investment Management.
Ryan Ade and Ware Shipman of JLL arranged the loan on behalf of the sponsor.
Five Oaks is well-located at the intersection of I-285 and US-78, providing residents with convenient access to the business, retail and entertainment nodes of Chamblee/Brookhaven, Buckhead and Midtown Atlanta. According to research from CBRE Econometric Advisors, the Clarkston/Tucker submarket currently has a low residential vacancy rate of 2.1% as of first quarter 2022, supporting strong demand for quality apartment spaces in the area.
About CBRE Investment Management
CBRE Investment Management is a leading global real assets investment management firm with $146.8 billion in assets under management* as of March 31, 2022, 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.