Admiral Capital Group and Elite Street Capital have acquired Norcross, Georgia-based The Fields Peachtree Retreat, a 240-home community. No financial terms were disclosed.
ATLANTA, GA–(Marketwired – Jul 18, 2017) – Admiral Capital Group (“Admiral”) and Elite Street Capital (“ESC”) announce the acquisition of The Fields Peachtree Retreat (formerly known as Ashley Lakes Apartments), a 240-home community located in the Peachtree Corners section of Norcross, Georgia. The property represents the second Atlanta MSA multifamily investment in Admiral’s most recent fund, Admiral Capital Real Estate Fund II, and its first joint venture with ESC.
Built in 1985, the two- and three-story garden-style property is located approximately one mile from Peachtree Industrial Boulevard, providing excellent access to all roadways connecting the northern Atlanta suburbs. The Fields Peachtree Retreat provides a low-density, campus-like setting across 32 acres, including generous open green spaces and direct access to the neighborhood lake.
The business plan includes investing capital to transform the asset into the premier destination in Peachtree Corners. Admiral and ESC have approved a multi-tiered approach for value creation, including upgrading all exterior components of the 13 buildings, enhancing existing amenities, developing several new amenities and renovating unit interiors with premium finishes.
“We’re very excited to expand Admiral’s footprint in the Atlanta MSA with the acquisition of The Fields Peachtree Retreat,” said Dan Bassichis, co-founder of Admiral. “We have long believed in the strong job growth and supply/demand fundamentals for this product type in Atlanta, and we look forward to enhancing this community for the residents and creating value with our partners at Elite.”
“The Fields Peachtree Retreat represents an opportunity to dramatically improve a well-located asset in a very strong submarket of Atlanta,” said David Whitby, Elite Street’s chief investment officer. “ESC currently owns over 2,000 units in Georgia, and the Norcross market continues to be a top performer in the state with strong job growth projections and limited multifamily supply. We are very excited to invest in this property with our partners at Admiral.”
“This acquisition aligns perfectly with Admiral’s strategy of identifying undercapitalized assets in strong pockets that possess inherent, untapped potential,” said Patrick Heffernan, vice president at Admiral. “We are confident the business plan will result in a highly sought-after destination that will offer a best-in-class product in the market for potential tenants.”
About Admiral Capital Group
Admiral Capital Group was founded by David Robinson, philanthropist and NBA Hall of Famer, and Daniel Bassichis, formerly of Goldman Sachs, to invest in real estate and private equity opportunities. Admiral, in partnership with USAA Real Estate Company acquires value-add multifamily, office, retail and hospitality properties valued between $20 million and $70 million in major U.S. markets nationwide. The Admiral founders have pledged 10% of their profits to philanthropic causes in areas where Admiral invests, building on Robinson’s lifetime commitment to support education and lower income communities. For more information, visit www.admiralcg.com.
About Elite Street Capital
Elite Street Capital is a real estate investment firm based in Houston, Texas with experience acquiring, managing, and selling thousands of residential apartments of various asset classes and a full residential development company. Currently, through ESC and its affiliated companies its multifamily division consists of 8,740 apartment units spread across 32 different properties (including 5 properties under contract). The properties are located in Texas, Georgia, North Carolina, South Carolina, Alabama, Missouri and Maryland. For more information, visit www.elitestreetcapital.com.