Lakeside apartment community positioned well for renovations
PHOENIX – The Palms apartment community, located at 2700 Double Churches Road in Columbus, Georgia, sold to a Canadian investor. The lakeside development is located near U.S. Army Fort Benning and features opportunity for the new owner to upgrade its sizable units to create increased revenue.
The sale of this property was made more challenging than most, due to the timing of the increases in the debt market,” says Ron Cameron, senior vice president with Colliers in Atlanta. “Thankfully, buyer/seller and our lender all came together to make it happen. Congratulations and big thanks to RREAF, the buyer and Berkadia for their relentless efforts to make this transaction happen!”
Cameron handled the transaction with Teresa Lowery of Colliers in Houston, as well as Cindy Cooke, Brad Cooke, Matt Roach and Chris Roach of Colliers in Arizona. A Canadian investor purchased the property from RREAF Holdings LLC DBA Palms Columbus, based in Dallas.
The Palms is a 386-unit apartment community containing 492,450 rentable square feet. It was constructed in four phases beginning in 1982, with the majority of the property (64 percent) being delivered 1987-2016. The property offers a mix of one-, two- and three-bedroom units averaging an unusually large 1,276 square feet per apartment. The property was 100 percent leased at the time of the sale. The Palms is situated in a beautiful, parklike setting with rolling hills and features a wide array of resident amenities. The investment allows the buyer opportunity to upgrade unit interiors and common areas to generate rent premiums above current rates.
Located near the intersection of US-80 and Interstate 185, The Palms residents benefit from quick access to major transportation corridors and employment within Columbus. Major area industries include aerospace, financial services and information security firms, in addition to Fort Benning, the largest employer in the region.
Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 62 countries, our 17,000 enterprising professionals work collaboratively to provide expert real estate and investment advice to clients. For more than 27 years, our experienced leadership with significant inside ownership has delivered compound annual investment returns of 20% for shareholders. With annual revenues of $4.3 billion and $77 billion of assets under management, Colliers maximizes the potential of property and real assets to accelerate the success of our clients, our investors and our people. Learn more at corporate.colliers.com, Twitter @Colliers or LinkedIn.