SANDY SPRINGS, GA - Kaplan Residential, a multi-strategy real estate development firm focused on the Southeast U.S., announced today the sale of the luxury, 203-unit, mixed-use, multifamily building, Square One in Sandy Springs, Georgia for $59.2 million. Achieving stabilization of 95-percent occupancy and rental rate growth, the sale marks another successful transaction for the firm and further propels its pipeline of more than $300 million in multi-family development.
This sale follows Kaplan Residential’s two June land acquisitions in the Atlanta area, totaling more than $11 million and 400-plus units, all intended for future build-to-rent communities. The first, located at 3960 Redan Road in Stone Mountain, Georgia was purchased for $6.5 million, and the second, at 9570 Dallas Acworth Highway in Dallas, Georgia, was acquired for nearly $4.8 million. The forthcoming development in Dallas, Georgia will offer private, elevated ranch homes for the 55-plus active adult community.
Kaplan Residential acquired the approximately two-acre parcel for Square One, located at 6050 Roswell Road NE, in 2014 for $5.6 million. As the first mixed--use community built within the City of Sandy Spring’s “Downtown Corridor,” the firm strategically initiated a well-thought design of the project and elevated amenity program from the ground-up, including an impressive indoor/outdoor rooftop pool deck with views of Buckhead and the North Georgia Mountains. Upon completion, 10,000 square feet of retail space on the building’s ground floor was leased with a mix of local businesses and national chains.
“Culminating Kaplan Residential’s seventh completed project in the Atlanta Metropolitan area, the very successful disposition of this asset allows for a heightened focus on pursuing other strategic investment opportunities that support our build-to-rent model in the southeast region,” said Morris Kaplan, Founder and President of Kaplan Residential. “Our forward-thinking approach with this cutting-edge and fully-amenitized, project demonstrates our ability to drive a project from concept to delivery, producing high-quality assets in the markets we serve.”
Square One encompasses studio apartments starting from 620 square feet to two-bedroom units spanning 1,361 square feet, ranging from $1,380 - $2,160. Residences feature stainless steel appliances, full-size washers and dryers, nine and ten-foot ceilings, granite kitchen islands, subway tile in kitchens and bathrooms, expansive walk-in closets, and more. Property amenities include a coffee bar, onsite dog park, preferred parking for energy efficient cars and state-of-the-art fitness center. Additionally, it is just steps away from Whole Foods.
The property is less than 15 miles from Atlanta’s vibrant downtown, providing access to I-285. Adding to the nearby conveniences are pet-friendly parks, various grocery-anchored shopping centers, upscale movie theaters, high-end malls, top-performing schools, and more.
George and Candy Morgan of George S. Morgan Development Company, Inc. partnered with Kaplan Residential for the entirety of the project. The firm enlisted Niles Bolton Associates, a leading architectural firm, to build and design the shared amenity spaces, units, and structure. The asset was sold to Audubon, a multi-family real estate management company, represented by Justin Barry with Morris, Manning, and Martin. The sale was arranged by Robert Stickel from Cushman & Wakefield. Steven Kennedy from Seyfarth Shaw represented the Seller.
Known for its tactical build-to-rent projects, Kaplan Residential has developed thousands of rental units across the Southeast United States. A multi-generational family real estate enterprise, the firm’s reputation equally complements its track record, combining the success of value-oriented opportunities with a hands-on approach.
About Kaplan Residential: Kaplan Residential is a multi-strategy real estate development firm, with offices in Atlanta and Miami. The company focuses on the acquisition and development of innovative and timely multi-housing and build-to-rent projects throughout the Southeast U.S. Since its inception in 1998, Kaplan Residential has developed thousands of rentals and for-sale units and has a pipeline of nearly $300 million in development.