Pacific Urban Grows East Coast Portfolio with Second Atlanta Acquisition

Posted Date
09/23/2024
Apartment Complex

Pacific Urban Investors, a multifamily owner-operator and investment manager, has completed its second acquisition in the Atlanta MSA this year, expanding its footprint to a total of 815 units. The newly acquired community, The Estates at Johns Creek—rebranded as The Cedars at Johns Creek—consists of 403 units spread across 50 acres in the affluent Johns Creek area, adjacent to Alpharetta. This acquisition marks a continuation of Pacific Urban’s strategic expansion along the East Coast, which also includes communities in the Boston, New York Metro, and Mid-Atlantic markets.

“We are excited to expand our East Coast portfolio with the addition of another community in Atlanta. The Alpharetta/Johns Creek submarket has been a strategic focus for us since entering the Atlanta MSA given its proximity to major employment hubs, destination retail centers, and top-ranked schools. This acquisition reflects our commitment to investing in communities that offer residents a superior living experience. The Cedars at Johns Creek provides large units in a low-density configuration in a very desirable suburban neighborhood” said Matt Lederer, Vice President of Investments.

The Cedars at Johns Creek is located on the border of Johns Creek and Alpharetta, two highly desirable areas known for their strong demographics. Alpharetta alone is home to 31 million square feet of office space, 700 tech companies, over 5,600 total businesses, and more than 120,000 employees. Johns Creek complements this with 7 million square feet of office, retail, and entertainment space, including the Technology Park of Johns Creek, a 1,900-acre mixed-use development with over 200 businesses. Built in 1999, The Cedars at Johns Creek is a garden-style community spanning 50 acres with an extremely low density of 8 units per acre, a durable competitive advantage in the submarket. The property features large floor plans averaging 1,456 square feet along with a comprehensive amenity package.

“Pacific’s acquisition of The Estates at John’s Creek fits squarely within Pacific’s investment thesis: quality communities in core locations proximate to significant employment and lifestyle amenities. In addition, the Property offers a significant value proposition for residents compared with more recent deliveries or home ownership” said Patrick Freydberg, Director of Investments.

About Pacific Urban Investors: The Palo Alto, CA-based company has over $8.5 Billion in assets under management and owns and manages a national portfolio of more than 23,000 units. The firm and its partners have decades of experience in apartment investments including Core, Vintage Core, and Value Add strategies. Pacific has progressed over time to become a best-in-class owner, operator, and asset manager in the multifamily space, serving as a fiduciary for its own partner capital as well as its strategic partnerships with institutional pension funds and other sophisticated investors. Pacific is actively acquiring multifamily assets as a principal and providing both co-investment and preferred equity for development, acquisition, and recapitalization.

 

 

 

 

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