Wednesday, June 13, 2012
NEW BOSTON FUND SELLS THE LODGE AT SANDY SPRINGS IN ATLANTA
Strand Communities acquires 484 residential units at The Lodge at Sandy Springs
Atlanta, Ga. – (June 13, 2012) – New Boston Fund, Inc., a private equity real estate investment, development and management firm, announced the sale of The Lodge at Sandy Springs to Strand Communities, a South Carolina-based real estate company.
Located just 11.5 miles north of Atlanta’s Central Business District, The Lodge at Sandy Springs is a garden-style apartment complex comprised of 484 residential units totaling 550,360 square feet. The units are located in 37, two and three story walk-up residential buildings, and include exterior screened in patios, washer/dryer connections, fully equipped kitchens, window blinds and walk in closets.
“New Boston Fund successfully stabilized and repositioned The Lodge in the Atlanta marketplace and we felt that it was an appropriate time to sell this property,” said Jon Gillman, Senior Vice President, Asset Management for New Boston Fund.
Additional amenities at The Lodge include a one-story clubhouse/leasing office that is approximately 2,000 square feet, a swimming pool, two tennis courts, a sand volleyball court, a poolside picnic area with grills, and a playground. Access to The Lodge is gained via Roswell Road, which intersects with I-285 just 2.5 miles south of the property.
The sale was negotiated by Chris Spain, Executive Director, and Nathan Swenson, Director, of Cushman & Wakefield of Atlanta, on behalf of New Boston. Strand Communities was not represented in the transaction.
New Boston acquired The Lodge at Sandy Springs through Fund VI in July 2006. New Boston remains committed to investing in the Southeast region, and in the past 12 months has acquired more than one million square feet of office space through the purchase of Harris Corners Corporate Park in Charlotte, as well as Southpoint Executive Center, Maitland Green I & II, and One Park Square in Fla. New Boston does not disclose sales prices for its transactions.
About New Boston Fund
New Boston is an independent, privately owned real estate investment manager and an industry leader in providing real estate investment, development and management services with a history of strong sponsorship and oversight of its investment funds. New Boston has developed or acquired commercial and residential properties with a cumulative market value of about $4.4 billion, including 23 million square feet of commercial real estate and 7,500 residential units. Our investment vehicles cater to institutional and high-net worth investors by offering value-add and urban real estate investment funds with a focus on diversification and capital preservation. The New Boston Fund: People, Values, Returns. www.newbostonfund.com
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