ECI Group Sells 410-Unit Multifamily in Chamblee for $87M
Atlanta, GA-based ECI Group has sold Chatsworth Apartments in the Central Perimeter area in Chamblee, GA for $87 million. Kevin Geiger at CBRE represented ECI Group in the transaction.
The 410-unit, 1980-vintage community was acquired by ECI in 2018 and underwent an extensive common area renovation over the last four years. ECI also renovated building exteriors, replaced roofs throughout the community and renovated amenities including the pool area.
“The Chatsworth sale fits with ECI’s strategy to recycle capital from older assets and exchange into newer assets; in this case invested in our recently announced Verso acquisition in Davenport, FL,” said Jimmy Baugnon, CIO at ECI Group.
Chatsworth Apartments is off North Peachtree Road, surrounded by single-family home neighborhoods and with immediate access to I-285 and the abundance of employment, retail and entertainment options in the Central Perimeter, a magnet for corporate locations and relocations.
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.