Summerhill Rental Community Flips for $300K/Unit
Weinstein Properties paid $94 million for the 315-unit Alexan Summerhill. The price pencils out to just under $300,000 a unit. A $56.5 million loan from Regions Bank financed the sale. The loan matures in November 2029. PGIM Real Estate was listed as the seller.
Trammell Crow Residential developed the project. Weinstein has renamed it Bexley Summerhill.
The Atlanta Business Journal reports since the Braves left, Summerhill has become a hotbed for residential and retail development. Over the past four years, three projects with a combined 870 apartment units have been added.
A Publix, the neighborhood’s first grocery store in years, opened in early 2023. It’s not far from the revitalized Georgia Avenue retail and office development.
In August, Weinstein paid $135 million to acquire the 390-unit Bexley Sugarloaf community in Duluth. Like Bexley Summerhill, the Gwinnett County apartment community was also completed in 2022.
Cushman & Wakefield’s Robert Stickel led a team representing the seller in this transaction.
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