StoneBridge Acquires 272-Unit Atlanta Apartment Community

StoneBridge Investments of Washington, DC has acquired Veridian at Sandy Springs, a 272-unit apartment community in the greater Atlanta submarket of Sandy Springs, for $32 million. The seller, a fund managed by Covenant Capital Group, LLC, was represented by Mike Kemether and Travis Presnell of Cushman & Wakefield. Elliott Throne, Gregg Shapiro, and Ware Shipman of HFF secured acquisition financing through a Freddie Mac loan.

Built in 1980 and extensively renovated, Veridian is located at 1800 Windridge Drive within the Perimeter Center, a fast-growing “edge city” that encompasses three small cities: Brookhaven, Dunwoody, and Sandy Springs. It is Atlanta’s largest employment center, with more than 123,000 employees, 31 million square feet of office space, three major hospitals, and six million SF of retail space including the 1.5 million SF Perimeter Center Mall.

“Having acquired a neighboring apartment community, 550 Abernathy, earlier this year, we remain bullish on fast-growing Atlanta and particularly the Perimeter Center market,” said William Bateman, Director, StoneBridge Investments. “Veridian at Sandy Springs presents our investors with attractive in-place yield as well as continuing rent growth over the coming years, at a price substantially below replacement cost. Due to the recently completed $5 million renovation, little additional capital investment is required going forward, thus providing investors with strong cash flow immediately out of the gate, as well as attractive risk-adjusted returns over the hold period.”

Veridian at Sandy Springs comprises 17 low-rise buildings on a 26.5-acre wooded site with frontage on Roswell Road. Amenities include a pool, sundeck, tennis court, fitness center, clubhouse, cyber lounge, pavilion and picnic areas, and a “bark park.”

Residents enjoy easy access to nearly 600,000 jobs in the Atlanta metro area via Georgia 400, just a half a mile away. Also nearby is an extensive collection of restaurants and retail destinations in Sandy Springs, Roswell, and Alpharetta.

With the nation’s tenth largest GDP, Atlanta has become the economic capital of the Southeast and a global business hub. A new cycle of economic expansion is underway, led by commitments from major corporations including State Farm, Mercedes-Benz, Porsche, Kaiser Permanente, KPMG, Google, WorldPay, GE, NCR, Honeywell, and Anthem. Emerging growth sectors include filmmaking, mobile technology, supply chain management, Internet security, healthcare IT, and payments processing. The metro region is expected to add 2.5 million residents and 1.5 million jobs by 2040.

ZRS Management, an affiliate of StoneBridge, will manage Veridian at Sandy Spring. ZRS currently manages nearly more than 32,000 apartment units nationwide. For more information, visit

About StoneBridge

Active since 1980, StoneBridge and its affiliates have acquired and developed more than $1.7 billion in real estate, primarily in the multifamily sector, for foreign and domestic investors. The company’s strong track record and extensive network of relationships allows it to quickly and efficiently identify and pursue new opportunities, many of which are off-market transactions. The company’s target markets include the Washington-Baltimore area, the Carolinas, Georgia, Florida, and Texas. It has offices in Washington, DC and Amsterdam. For more information, visit

About ZRS

ZRS Management, LLC is a Florida Limited Liability Company originally formed in 1991 to manage high- quality multifamily communities. In 2010, ZRS Management, LLC became a stand-alone third party management company. ZRS currently manages over 30,000 units for various institutional clients, partnerships, and individual owners. ZRS specializes in apartment and multifamily property management in Florida, Texas, Georgia, Illinois, Virginia, and Maryland. For more information, visit

About HFF
Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, funds marketing, M&A and corporate advisory, loan sales, and loan servicing. For more information, visit or follow HFF on Twitter @HFF.
About Covenant Capital Group, LLC
Covenant Capital Group, LLC, founded in 2001 in Nashville, TN by Govan White and Rick Scarola, is a value-add investment manager with an exclusive focus on the acquisition and renovation of apartment communities in major southeastern and Mid-Atlantic markets. Covenant focuses on transforming and repositioning properties into premier, institutional-quality assets while maximizing operating cash flow. Covenant has $1.1 billion in real estate assets under management and controls over 9,500 apartment units. For more information visit:

Views: 40


You need to be a member of CREOpoint to add comments!

Join CREOpoint

Drive more Business with our Custom Feeds

myCREOpoint™ allows you to offer a custom stream of curated content to your website, social media and other audiences for less than the cost of a temp and with no IT development cost or delay.


Our custom feeds provide only the most relevant content sliced by topic or combined in any way you want (e.g., your brands or event sponsors like here).


Email us today to arrange a demonstration.



© 2018   Created by CREOpoint.   Powered by

Badges  |  Report an Issue  |  Terms of Service