550 Abernathy Apartments Snagged for $31M

StoneBridge Investments, based in Washington DC, acquired the 550 Abernathy Apartments in Atlanta, GA, for $31 million. Harbor Group, seller of the property, was represented by Kevin Geiger of CBRE.  StoneBridge affiliate ZRS Management will manage the asset.

The complex is at 550 Abernathy Rd. N.E., within Atlanta’s Perimeter Center, the metro’s largest employment center. The new, $100-million Mercedes Benz U.S. headquarters is across the road , and scheduled to open in 2018. A 76-acre mixed-use project is being developed next to the automaker’s offices.

StoneBridge plans to make a substantial capital investment in improvements to individual apartment units, as well as on-site amenities. Upgrades will include fully renovating the clubhouse and the pool. Building exteriors and landscaping will also receive a makeover.

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