BROOKLYN, N.Y., Jan. 11, 2006 (PRIMEZONE) -- Ari Parnes, Principal and Managing Director of Collins Group LLC, announced today the Group's seventh acquisition in the metro Atlanta area: Saratoga Springs Apartments in Duluth, Georgia.
The seller was Canadian-based Milestone Group. Financing was provided by Wachovia Bank, NA. The upscale 266-unit community was acquired for $11.5 million, free and clear of debt. Bill Shippen of Apartment Realty Advisors (ARA) acted as broker, which marked Collins' third deal in Gwinnett County, and the Group's tenth new property acquired in 2005.
"Duluth is a triple-A location, a perfect match for Collins (Group)," said Ari Parnes, Managing Director, at the Group's year end meeting. Collins has acquired a number of exclusive communities in the Atlanta area this past year including Lake Sweetwater in Lawrenceville and the 680-unit Lincoln Hills in Marietta. "We are consistently attracted to the growing tenant profiles in this part of Gwinnett," noted Parnes, "this is simply one of the best places to live in metro Atlanta." Neighboring properties include Gwinnett Crossing, managed by Houston-based CNC Properties; Merritt at Satellite Place, and the very exclusive Falls of Gwinnett next door to the property, two Equity Residential assets.
Jay Herman, Acquisitions & Finance VP, also praised Duluth at the Group's meeting. "(Collins) could see that this is a high net worth area, a high percentage of home ownership, a strong employment profile and business community," said Herman, "you can see by the neighboring communities that this is an area in high demand and with a quality of life rivaling some of the more luxurious communities in metro Atlanta."
Collins plans to continue its aggressive pace of acquisition throughout the coming year in all its focus markets. Like all other acquisitions, Collins Group plans to increase asset profitability at Saratoga Springs while not compromising the overall tenant residential experience.