Lion Real Estate Group Acquires Two Atlanta-Based Apartment Complexes For $83 Million

LOS ANGELES, Sept. 9, 2020 /PRNewswire/ -- Lion Real Estate Group ("LREG"), a real estate investment firm based in Los Angeles, today announced the acquisition of a portfolio of 584-apartment units across two buildings in Atlanta, Georgia – Everly Apartments (formerly 2800 at Sweetwater (324 units)) and Domain Apartments (formerly Ashford 6860 (260 units)) ("The Properties") – for $83.25 million. The Properties, purchased from The RADCO Companies, bring the estimated value of LREG's assets under management to more than $800 million, as of September 1, 2020.

The transaction, which comprises 551,904 square feet, marks LREG's first foray into the Atlanta market. Both apartment complexes are located in the flourishing northeastern suburb of Gwinnett Country—2800 at Sweetwater in Lawrenceville and Ashford 6860 in Norcross. Each site offers convenient access to Downtown, Midtown and Buckhead via I-95, as well as several amenities including swimming pools, sun decks, outdoor grilling and entertainment areas, playgrounds, fitness centers and dog parks.

"We are extremely pleased to complete this transaction and add Atlanta to the list of cities in which our property assets are located," said Jeff Weller, Co-Founder and Managing Principal of LREG. "The deal continues our successful strategy of acquiring properties outside of the urban core in growing cities with strong job prospects and implementing our comprehensive, proven and repeatable renovation program to increase property values and, ultimately, the financial performance of our investments overall. We look forward to seeking additional investment opportunities in the Atlanta region."

Prior to the acquisition, The Properties underwent premium renovations, with notable upgrades made to flooring, lighting, appliances and cabinetry inside more than 50 percent of their respective units. As part of LREG's management strategy, the firm will implement a $6.73 million three-year renovation plan to further revitalize interior living spaces, add curb appeal and bring rents and occupancy rates to above-market norms. This investment will equate to more than $11,000 per unit, with a view to improving each site's cap rate.

"This transaction, and the eagerness of our syndicate of participating investors, continues to validate the strength of our niche approach to value-add real estate investing," said Mory Barak, Co-Founder and Managing Principal of LREG. "Family offices and high-net-worth individuals are on a constant search for yield in today's low-interest-rate environment, which is precisely why access to these types of properly managed, direct deals and the rates of return they can produce over the long term have been so well-received."

Pircher, Nichols & Meeks LLP served as legal counsel for this transaction and Berkadia arranged the financing through two loans from Freddie Mac.

About Lion Real Estate Group

Lion Real Estate Group is a real estate investment firm founded in 2007 by Jeff Weller and Mory Barak and based in Los Angeles, California. Lion Real Estate Group focuses on acquisition of value-add and opportunistic multifamily and creative office properties by leveraging its principals' experience in order to create value for its investors through renovation, repositioning, better management and optimum capitalization of its properties. Lion has participated in more than $1 billion of joint venture, equity and mezzanine real estate transactions. The firm currently owns and operates approximately 5,000 units across 24 multifamily properties and three office properties located in the Los Angeles, Nashville, Denver, Durham, Dallas, Austin, Atlanta and Salt Lake City areas. For more information, visit www.lionreg.com.  

For More Information Contact:

Prosek Partners

Mickey Mandelbaum, (310) 709-8900
[email protected]
Aidan O'Connor, (540) 682-4936
[email protected] 

SOURCE Lion Real Estate Group