Property: Berkeley Lake Apartments
Purchased: September 28th, 2017 for $94,250,000
Property Type: Garden Style Multifamily Apartment Complex
Total Number of Units: 660 units
Overlook at Berkeley Lake Apartments is a 660-unit, multi-family garden style apartment complex located in Duluth, Georgia. The complex was built in two phases. Phase I included 394 units and was built in 1994. Phase II added 266 units in 1997. The property consists of 64 residential buildings and 36 attached garages with an average unit size of 1,108 square feet. The property has 731,176 net rentable square feet on 78.1 acres of land. Property amenities include a two-story clubhouse, two resort-style pools, large fitness center, movie theater, lighted tennis courts, cyber cafe, and playground area. The community also includes a scenic lake with multiple fountains.
Berkeley Lake sits about 30 miles northeast of downtown Atlanta. Atlanta, Georgia is the population, employment, and transportation center of the Southeast. Metro Atlanta is the fifth largest in the United States and is home to 16 fortune 500 companies. The property resides in Gwinnett County, which is the second most populated county in Georgia. Since 2000, Gwinnett County has experienced an estimated growth of 56.9% and is projected to grow at a rate of 8.1% in the next five years. The property is also located directly across from Berkeley Lake Business Center. Residents will enjoy easy access to downtown Atlanta and great employment opportunities.
Capital Equity Group President Mark Tiefel, regarding the purchase of Berkeley Lake, stated that, “The acquisition of Berkeley Lake capitalizes on our knowledge and past successes in owning apartments located in the rapidly growing suburbs north of Atlanta.”