Sherman Residential acquired the Skye Suwanee Town Center apartment community for $65 million. The Atlanta Business Chronicle reports the company acquired the 9-acre property from Barings, which had owned it since 2021.
Located on Buford Highway, the apartment complex comprises three residential buildings with more than 230 units. Terwilliger Pappas completed the project in 2019.
It is adjacent to the Suwanee Creek Greenway, which courses through wooded areas, wetlands and wildlife habitat. The property is within walking distance of the large town green, restaurants, shops and offices.Â
The average multifamily property now trades for an average of $214,600 per unit in northern Gwinnett and $213,900 per unit in Atlanta. Both figures are down from the most recent peak of about $254,000 per unit observed in the second quarter of 2022. The Skye Suwanee Town Center units traded for $282,000 each.
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