EquiTrust Provides $30M Acquisition Financing for Atlanta-Area Apartment Complex
T30 Capital purchases Aqua at Sandy Springs, a 219-unit complex that opened in 1985
By Brian Pascus October 30, 2024 12:33 pm
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New York investment firm T30 Capital has secured $30 million in acquisition financing to purchase Aqua at Sandy Springs, a 219-unit apartment community outside of Atlanta.
EquiTrust provided the financing, while CBRE (CBRE)’s Blake Cohen and Reed McGarity of the firm’s debt and structured finance team in Atlanta arranged the loan.
Cohen said in a statement that Aqua at Sandy Springs generated “significant interest” from different lenders as his team sourced the acquisition debt.
“The property was being acquired at a very attractive basis relative to peak-cycle pricing, and had a very clear upside value-add story,” he added.
Located at 100 Greyfield Lane in Sandy Springs — a suburb of 108,000 people about 18 miles north of Downtown Atlanta — Aqua at Sandy Springs opened in 1985 and added more buildings in 2000. The property consists of dozens of three-story buildings with a mix of one- to three-bedroom apartments. Amenities include a fitness center, a pool, a playground and a dog park.
T30 Capital acquired the property on Oct. 14 when it closed a $36.7 million purchase. The investment firm used the limited liability company Sandy Springs Residences II to buy the apartment complex from Chicago-based 29th Street Capital, who purchased the property in 2021.
T30 Capital told CO it worked with partner, the Monocle Group, on the acquisition.
“The Sandy Springs submarket offers a compelling opportunity and we are excited to be expanding our footprint there,” said Margaret B. Grossman, president at T30 Capital.
EquiTrust did not respond to requests for comment.
Brian Pascus can be reached at bpascus@commercialobserver.com
