CP Capital has acquired Ascent Athens, a 200-unit Class A multifamily community in Athens, Georgia, as the investment manager targets high-quality apartment properties available below replacement cost.
Ascent Athens is currently 95% occupied and was developed by Westplan in 2020.
The garden-style community includes a swimming pool, fitness center, clubhouse and business center.
The investment is anchored by the University of Georgia, which has approximately 43,000 students and 11,500 faculty and staff and generates an estimated $8.4 billion in annual economic impact for Georgia.
CP Capital also cited diversification of Athens’ employment base and limited near-term housing supply as factors supporting the investment.
Management believes Ascent has relatively limited direct competition because much of the surrounding rental inventory consists of older multifamily properties and fragmented townhomes.
CP Capital described Ascent as the highest-quality multifamily asset in its submarket and expects its Class A positioning to support pricing power and rent growth over the firm’s investment period.
CP Capital and its equity partners plan to season the asset into an institutionally managed income-producing property before pursuing an eventual exit.
The acquisition also reflects a broader investment thesis around opportunities emerging from maturing loans, distressed inventory and fractured ownership partnerships.
CP Capital has more than 35 years of experience and has invested in approximately $16 billion of U.S. real estate, including more than 71,000 residential units and 21 million square feet of commercial property.
KEY QUOTES:
“This acquisition allows us to enter a stable market at a compelling basis while positioning the property for meaningful value creation over our hold period.”
Jay Remillard, Executive Managing Director At CP Capital
“Distressed inventory is growing. Maturing loans and fractured partnerships are creating opportunities to acquire high-quality assets below replacement cost, with equity built into the basis from day one.”
Paul Doocy, Senior Managing Director At CP Capital
