New York City-based The Praedium Group, a real estate investment firm, has acquired Woodstock, Georgia-based Crest at Laurelwood apartments. The price of the transaction was over $43 million. The property includes eight buildings with amenities such as a cyber cafe, a yoga studio, a swimming pool, a dog park and electric car-charging stations.
NEW YORK, Oct. 31, 2016 /PRNewswire/ — The Praedium Group LLC, a New York City-based national real estate investment firm, today announced the $43,175,000 acquisition of Crest at Laurelwood in Woodstock, GA. Developed in 2015, Crest at Laurelwood (“Crest”) features 272 luxury apartment units in one of the highest growth submarkets of the Atlanta MSA. The Property consists of eight buildings with units featuring nine or 10-foot ceilings, cherry wood cabinetry, tiled-backsplashes and private balconies. Community amenities include a cyber café, billiards room, two-story fitness center and yoga studio, resort-style swimming pool, outdoor fireplace with TV, fire pit, dog-park and electric car charging stations. Peter Calatozzo, Managing Director of The Praedium Group, made the announcement on the investment firm’s most recent acquisition.
Crest at Laurelwood
Positioned on Highway 92 at the corner of Main Street, the property offers direct access to thriving downtown Woodstock, the benefit of being in the award-winning Cherokee County School District and close proximity to over 280,000 jobs in North Fulton and Cumberland/Galleria. Named “Best 50 Places to Live in America” by Money Magazine in 2015, Woodstock offers a walkable downtown experience with over 40 local restaurants and high-end boutiques.
In addition to North Atlanta’s existing array of amenities and employment, there are several large developments taking place that are expected to further enhance the area’s economy. SunTrust Park, a new $1.1 billion Atlanta Braves stadium and mixed-use development, is expected to open in 2017 and bring over 4,000 jobs to the North Atlanta region. Lakepoint Sports Campus is currently under development and is expected to bring over 26,000 new jobs upon completion in 2018. The 1,300 acre campus will offer 50 restaurants and 20 hotels. In addition, Crest is a short drive to Cherokee 75 Corporate Park, a recently developed light industrial park which has attracted several notable companies such as Adidas, MSK Covertech Inc. and ThyssenKrupp AG.
“Crest is a high quality asset in a market with some of the top schools in the state of Georgia and direct access to an award winning downtown restoration and redevelopment,” said Peter Calatozzo.
ABOUT THE PRAEDIUM GROUP
The Praedium Group is a privately-held real estate investment firm focusing on under-performing and undervalued assets throughout the United States. The Praedium Group was formed in 1991 and since inception has completed over 350 transactions representing approximately $10 billion of capital, including 73,000 multifamily units and nearly 44 million square feet of commercial space. Over the past 25 years, The Praedium Group has sponsored a series of eight private equity funds, as well as several separate investment vehicles. The commingled funds and separate accounts sponsored by The Praedium Group have attracted investors that include public and corporate pension funds, financial institutions, insurance companies, foundations and endowments. For more information, please visit www.praediumgroup.com