Investment manager Redwood Capital Group has acquired two communities in separate transactions—Adley City Springs, located in metro Atlanta in Sandy Springs, Georgia, and Ascent Cresta Bella in San Antonio.
Adley City Springs is a recently constructed mid-rise property offering 291 studio, one-bedroom, and two-bedroom units. Apartment features include 9-foot ceilings, granite countertops, stainless-steel appliances, in-unit laundry, smart appliances, and large balconies or patios. Residents can make use of a social lounge with a pool table, shuffleboard and games, a saltwater rooftop pool, grilling stations, a business center, a movie theater, a golf simulator, and a dog-washing station. Redwood plans to add upgraded equipment to the lounge and fitness center.
“This acquisition is yet another example of Redwood’s commitment to purchasing top-performing communities in supply-constrained submarkets with strong employment fundamentals. Given all of the positives of this community and the surrounding submarket, I look forward to watching Adley City Springs mature into Sandy Springs’ premier apartment community,” says Ryan Steppe, director of investments in Redwood’s Atlanta office.
Ascent Cresta Bella offers 322 units ranging from one to three bedrooms in size, featuring quartz countertops, stainless steel appliances, hardwood-style floors, kitchen islands, wine refrigerators, floating bathroom vanities, and ceiling heights of up to 10 feet. Community amenities include an infinity pool, outdoor kitchens, a rooftop terrace, a business center, multiple dog parks, and a two-story fitness center.
“In recent years, the northwest San Antonio area has experienced tremendous growth and transformation while attracting new employers and other developments,” says Bill Rose, director of investments in Redwood’s Dallas-Fort Worth office. “With these positive submarket dynamics combined with Ascent Cresta Bella’s stunning features and irreplaceable hilltop location, we believe Ascent Cresta Bella is a unique asset that will thrive with the growth of its surrounding area.”
Both communities will be managed by Redwood Residential, Redwood’s property management subsidiary. Redwood Residential manages almost 6,000 units nationally, or two-thirds of Redwood’s portfolio.
Redwood has been able to complete two acquisitions and three dispositions in the last year, representing $182 million in total transaction value. The company began 2021 with $1.7 billion in assets under management and plans to double that total over the next five years. It expects to complete $600 million in acquisitions in the Southeast, Southwest, and Midwest this year.
“We look forward to continuing to expand our presence in the apartment market in 2021 and beyond. As demonstrated by these acquisitions, we view Texas and Atlanta as important markets in our ongoing expansion,” says David Carlson, managing partner and co-founder of Redwood. “As a fully integrated company with best-in-class asset management, property management, and construction management divisions in place, we are well-positioned to grow in a thriving multifamily market and to deliver targeted returns to our investors.”