Meridian Capital Group, America’s most active dealmaker, arranged $57 million in financing for the purchase of Indigo Apartments and Peaks at Gainesville, two multifamily properties located in Gainesville, GA.
The two uncrossed, interest-only loans were provided by a debt fund lender and feature rates in the very lows three percent range. The transactions were negotiated by Meridian Senior Managing Director, Seth Grossman, and Senior Vice President, Sarah Kuebler, who are based in the company’s San Diego, CA office.
Located at 150 Orchard Brooke Drive in Gainesville, Indigo Apartments sits on 12.5 acres and is comprised of 115 residential units. Recent amenity and exterior upgrades include a newly renovated clubhouse, an updated fitness facility with new equipment, an enhanced sundeck, and a new outdoor playground. The renovated units feature faux granite countertops, stainless steel appliances, modern lighting, new cabinets, upgraded plumbing fixtures, wood-style flooring, washer/dryers, and brushed nickel hardware.
Peaks at Gainesville, located at 1000 Lenox Park Drive, is situated on 28.5 acres of land and features 292 units that span three stories. Notable unit features include nine-foot ceilings, vinyl entryways, paneled interior doors, French patio doors, separate laundry rooms, and washer/dryer connections in each unit. Community amenities include a shared clubhouse, controlled access gate, fitness center, grilling and picnic areas, a sports court, swimming pool, and more.
Both properties are in Hall County, which currently ranks among the nation’s top 50 fastest growing areas, propelled by a surge in new job opportunities as well as the expansion of the Inland Port. Indigo Apartments and Peaks at Gainesville both offered an outstanding opportunity for an experienced sponsor to invest in well-maintained assets with room to organically increase rents in a strong submarket that boasts double digit average annual rent growth over the past five years.