ECI Group Announces Sale of Two Atlanta-Area Apartment Communities for Total of $124.75 Million

Sales demonstrate continued execution of 1031 Exchange Strategy in Response to Market Conditions in Multifamily Sector

News provided by

Dec 30, 2021, 13:43 ET

ATLANTA, Dec. 30, 2021 /PRNewswire/ -- ECI Group has announced the sale of two apartment communities, The Columns at Sweetwater Creek with 270 units in Lithia Springs, GA and The Columns at Peachtree Corners with 304 units in Norcross, GA for a total of $124.75 million.

"Unique market conditions in 2021 compelled us to make the often-difficult decision to sell assets that we developed ourselves and have operated for decades in order to exchange into new properties with similar yields but significantly less long-term operational and capital risks," said ECI Chief Acquisitions Officer, Scott Levitt. "In this instance, the sales provided us with the opportunity to close on our recently announced Orlando acquisition, Makara Orlando Apartments, as well as other footprint-expanding acquisitions."

The Columns at Sweetwater Creek is located at 100 Columns Drive in Lithia Springs and was developed by ECI Group in 2000. The surface-parked garden apartments feature large patios and/or balconies, a fitness center and clubhouse, pool, lighted tennis courts, cabana and many individual garages. The community is within walking distance to the 2,549-acre Sweetwater Creek State Park and myriad job centers and retail amenities.

The Columns at Peachtree Corners at 3400 Peachtree Corners Circle in Norcross is located within the largest industrial market in the Southeast, the I-85 Industrial Corridor. Developed by ECI Group in 1980-1982, the property has been owned and managed by ECI Group for more than 40 years. The wooded community has a pet park, pool, nature trail, tennis courts, outdoor grills and a playground. Since the property's development, Peachtree Corners has become one of Atlanta's most desirable suburbs with more than 40,000 residents living within the city.

ECI Group extends its appreciation to Jason Nettles and Megan Thompson at NorthMarq for their representation at The Columns at Sweetwater Creek and to Kevin Geiger at CBRE for his representation at The Columns at Peachtree Corners.

About ECI Group
For more than 50 years, ECI Group has been one of the most highly regarded, privately owned real estate organizations in the United States. The firm is fully integrated, with development, construction, and management groups that have garnered national recognition for innovation and performance in the multifamily industry. With a portfolio of more than 7,500 units located throughout the Southeast, ECI is strategically positioned to continue to be a leader in the multifamily industry. For more information, visit www.ecigroups.com.

Media Contact:
Karen Widmayer
KW Communications, LLC
[email protected]
301.661.1448

SOURCE ECI Group