Redwood Capital Group Announces Acquisition of Brookside Heights, Expands Atlanta Portfolio to 886 Units

CUMMING, Ga., Oct. 7, 2020 /PRNewswire/ -- Redwood Capital Group, a vertically integrated multifamily investment manager, today announced that it has acquired Brookside Heights in a transaction that occurred off-market directly with the developer. Brookside Heights is a recently constructed garden-style apartment community located in the heart of ever-growing Forsyth County. This is Redwood's fourth Atlanta asset as it continues to expand its footprint in the Southeast Market.

The community, which features 210 spacious apartment homes, boasts a centralized location within Cumming in the northeast Atlanta metropolitan area. Built in 2019, Brookside Heights consists of 12 two- and three-story apartment buildings along with a clubhouse and a stand-alone state-of-the-art fitness center. The acquisition was made in conjunction with Rubens Capital Partners.

"The Forsyth County submarket has added 60,000 new residents since 2010 and is continuing to grow, making it an excellent market for the growth of our portfolio," said Bob Flannery, executive vice president and chief operating officer of Redwood Capital Group. "We're eager to offer residents the best of the county's suburban lifestyle, which is defined by excellent schools, award-winning parks and scenic nature trails. We're confident Brookside Heights will provide them an amazing living experience."

Situated at 326 Canton Road, Brookside Heights is accompanied by 14 acres of greenspace and creekside nature trails. The community is positioned in the top-ranked school district in Atlanta and is within walking distance of Cumming Elementary School, Otwell Middle School and Forsyth Central High School.

The community is located just west of Canton Road, which provides connectivity to Atlanta and many key destinations across the metropolitan area. Residents are within six miles of popular Sawnee Mountain Preserve and about 12 miles from sprawling Lake Lanier, which contains 59 square miles of water.

"We believe in the strength of this growing submarket, which is fast becoming one of the most desirable suburbs in the Atlanta area," said Field Stern, vice president of investments and head of capital markets for Redwood Capital Group. "The combination of a high-quality asset with no deferred maintenance, a strong demographic profile and a location with high barriers to entry resulting in limited new deliveries over the foreseeable future supports our investment with less overall execution risk."

Brookside Heights offers one-, two- and three-bedroom homes with modern interior design, condo-quality finishes and a generous average size of 1,155 square feet. Apartment interiors are delivered with high-end wood cabinetry, granite countertops, stainless steel appliances, nine-foot ceilings, designer light fixtures with energy efficient LED bulbs, in-home washers and dryers, walk-in closets and large balconies or patios.

Community amenities at the controlled-access, gated community include a resort-style saltwater pool, expansive sundeck with decorative pavers, outdoor grilling stations, picnic tables, dog park and spa, playground, cornhole court and car-care center. Residents also have access to a coffee bar, internet café and an executive business center with a conference room.

Brookside Heights marks Redwood Capital's fourth community in the Atlanta area and second in Cumming, joining Bradley Park. Others include Enclave at Roswell (Roswell, Ga.) and Eleven85 (Atlanta). Ryan Steppe, Redwood's vice president of investments in Atlanta, is actively pursuing acquisitions and is optimistic about future expansion in the market.

About Redwood Capital Group
Based in Chicago, Redwood Capital Group is an institutionally focused, vertically integrated real estate investment manager concentrated on the multifamily sector, with capabilities in transaction, asset, construction and property management. The company employs a highly disciplined investment strategy focused on coreplus and value add strategies of multifamily communities. It identifies distinctive opportunities with the potential for attractive risk adjusted rates of return and has more than $1.5 billion of assets under management.  

SOURCE Redwood Capital Group LLC