redIQ Deal Highlight: 29th Street Capital Acquires Spalding Bridge Apartments
redIQ Deal Highlight: 29th Street Capital Acquires Spalding Bridge Apartments
redIQ would like to congratulate the team at 29th Street Capital for finalizing the acquisition of Spalding Bridge Apartments in Sandy Springs, GA for $38.5 million. The Class B Community was purchased from the Radco Companies and the asset last sold in 2017.
The Metro Atlanta market is showing a fast-paced recovery from the effects of the pandemic, with two bedroom apartments renting for 7% higher than last year and three bedroom apartments renting for 25% higher than last year. Sandy Springs is the most expensive area to rent in the Metro Atlanta area. Other recent transactions in the area include District at Windy Hill, SkyHouse South, and 23Thirty Cobb.
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Since 2012, redIQ has led in the multifamily analytics and underwriting software space. Six of the top ten acquisitions teams and eight of the top ten brokerages rely on redIQ daily. Every year, more than 30% of all multifamily transactions pass through the platform. Our platform allows CRE professionals to extract and standardize data from deal financials instantaneously, gain deep insights into every property, and generate a comprehensive underwriting, with our model or their own. Our robust set of features includes floor plan summaries, cash flow analysis, hyperlocal comp sets, easy deal sharing, preset assumptions underwriting templates, and more. redIQ will always provide better insights and faster underwriting. These empower our users to make smarter investment decisions.
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