November 11, 2020
A joint venture between PCCP, CARROLL and LCOR Inc. has acquired The Cascade at Morgan Falls and The Fountains at Morgan Falls, two adjacent apartment communities totaling 1,180 units in metro Atlanta’s Sandy Springs. The seller and sales price were not disclosed.
Originally built in the 1980s, the properties are located at 8085 Adair Lane and 8075 Adair Lane. The properties are spread across 60 two- and three-story buildings on more than 100 acres. Amenities include several pools, three clubhouses, jogging/walking trails, fitness centers, tennis courts and a car wash.
“This is a compelling opportunity to acquire assets with strong cash flow and upside potential in a high barrier to entry, affluent and centrally located Atlanta suburb,” said Kevin Chin, senior vice president at PCCP. “With a strategic, value-add renovation to the individual units, common areas, and amenities, we believe we will be able to help meet demand from area renters seeking a high-quality rental community.”
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