J.P. Morgan Acquires SFR Community in Athens for $51M
J.P. Morgan has acquired The Cottages at Ridge Pointe, a 216-unit single-family rental community in Athens, GA. The sales price was $50.8 million.
Located at 805 Zelkova Ridge, the community was delivered in 2020 and consists of single-story rental ranch cottages. Rental units include private patios, front-porch entryways, kitchens with granite countertops and subway tile backsplashes as well as stainless steel appliances, walk-in closets and single-car garages.
Amenities include a resort-style pool, a 4,000-square-foot clubhouse with fitness center and a leasing a management office. The community will also offer onsite management by Atlanta-based RangeWater Real Estate
The seller was Atlanta-based developer and homebuilder Jim Chapman Communities.
David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector.
Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA.
David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.