March 8, 2019
Ackerman & Co. and Pioneer Land Group Broker Sale of 35.1-Acre Parcel for $7.26 Million
Buyer Wood Partners to build 330-unit multifamily project in Gwinnett County, Ga.
ATLANTA, March 8, 2019 – In a transaction brokered by the Ackerman/Pioneer Land Advisory Group, Wood Partners has purchased three parcels on Herrington Road in Gwinnett County totaling 35.14-acres for $7,260,000 ($452,618 per usable acre). Wood Partners, one of the nation’s largest multifamily developers, plans to develop Alta Sugarloaf, a 330 unit multifamily complex.
The Ackerman/Pioneer Land Advisory Group’s John Speros, JT Speros, Will Goff and Kyle Gable represented Herrington Commons LLC, the owner of one parcel containing 25 acres and packaged the three properties and resold them to Wood Partners.
“There is rising demand for rental units in this part of Gwinnett County for two reasons. A number of people are electing to rent versus own and there is a shortage of affordable single-family houses. Wood Partners builds a high-quality product and Alta Sugarloaf will serve that demand.” said John Speros. “Only 15 acres of the property will actually be developed as 20 acres has been set aside in a conservation easement and will provide significant open space within the project.”
The property offers 750 feet of frontage on Herrington Road, excellent access to Atlanta’s major job centers via nearby Interstate 85, and proximity to the many retail options along Highway 316 and Sugarloaf Parkway.
About Ackerman & Co.
Headquartered in Atlanta, Ackerman & Co. is a privately held, full-service commercial real estate firm focused on providing quality investment, brokerage, management and development services in the Southeast. The company, founded in 1967, retains an expert team of more than 100 real estate professionals. To date, Ackerman & Co. has developed and acquired 35 million square feet of office, medical, industrial, retail and mixed-use space, has 8 million square feet under management, and maintains an investment portfolio valued at $1 billion. For more information, visit www.ackermanco.com