#USA #McDonough #ECI Group #Morgan Properties #Corwyn South Point

ECI Group Completes Sale of The Corwyn South Point Apartments

In a notable transaction within Atlanta's real estate market, ECI Group has successfully sold the Corwyn South Point Apartments, a 260-unit community located at 1000 Columns Drive in McDonough, Georgia, to Morgan Properties. This transaction adds another gem to Morgan Properties' extensive portfolio, which includes over 110,000 multifamily units across the nation.

Overview of the Property

The Corwyn South Point encompasses ten buildings and was developed and managed entirely by ECI Group, renowned for its innovative and high-quality developments in the multifamily sector. The community not only showcases a modern and sophisticated design but also boasts an impressive array of amenities, making it particularly attractive to potential residents.

Strong Performance Metrics

Jimmy Baugnon, ECI Group's Chief Investment Officer, highlighted the noteworthy performance of the property, which achieved a robust lease-up period of just 16 months. The community has remained highly occupied since its opening four years ago, a testament to its appeal in the fast-growing Henry County area.

“I am proud of our team's outstanding execution with this first Class A Corwyn-branded apartment community,” Baugnon noted, emphasizing the potential that lies ahead for the property under Morgan Properties' management.

Amenities That Attract Residents

The Corwyn South Point features spacious one, two, and three-bedroom apartments designed with entertainment in mind. Residents can enjoy a plethora of amenities including:

• - A 2,000 square foot clubhouse equipped with a kitchen.
• - A state-of-the-art fitness center that includes a dedicated yoga and spin room.
• - A Gathering Room that features a lounge, fireplace, television, and a dedicated gaming area.
• - Outdoor extras such as a resort-style pool, grilling and firepit areas, and a landscaped courtyard offering lawn games and a bocce court.
• - For pet owners, amenities include a dog park and a pet wash station, making the community highly accommodating for furry residents.

Future Prospects for the Property

Nick Polera, Vice President of Acquisitions at Morgan Properties, expressed enthusiasm about enhancing their Atlanta-area presence with this acquisition, soon to be renamed Arden at South Point. The property's prime location, complemented by its diverse amenities, aligns with Morgan's strategic outlook regarding long-term growth in the greater Atlanta market.

“It’s a well-located community that fits perfectly into our portfolio, which now expands to better serve the multifamily demand in this vibrant city,” he stated.

A Thanks to Collaborative Efforts

ECI Group expressed gratitude to David Gutting from Newmark for his representation during the sale, marking yet another significant chapter in their storied history of real estate development and investment in the region.

About ECI Group

For over five decades, ECI Group has distinguished itself as one of the leading privately owned real estate organizations in the United States. Integrating development, construction, investment, and property management, ECI has built a reputation for performance and innovation within the multifamily industry. Their portfolio encompasses more than 7,500 units throughout the Southeast and Texas.

About Morgan Properties

Founded in 1985, Morgan Properties emerges as a prominent national real estate investment and management firm headquartered in Conshohocken, Pennsylvania. With an impressive portfolio that spans over 400 communities across 22 states, the company persistently ranks among the largest multifamily owners in the country. Morgan Properties stands out for its strategic focus on multifamily equity investments and its commitment to operational excellence and responsive decision-making.

In conclusion, the sale of the Corwyn South Point Apartments is a significant transaction in the Atlanta real estate market, indicative of the ongoing growth and demand for quality multifamily housing.