CP Capital, a U.S. real estate manager specializing in multifamily investments, has announced the acquisition of Ascent Athens, a 200-unit, class A garden-style multifamily community located in Athens, Ga., currently operating at 95 percent occupancy.
The community is anchored by the University of Georgia, a 43,000-student institution with 11,500 faculty and staff that generates $8.4 billion in annual economic impact for the state. The investment also benefits from a diversifying local employment base and near-term supply constraints. Developed by Westplan in 2020, the fully amenitized property offers residents a pool, fitness center, clubhouse and business center.
“Ascent Athens represents exactly the kind of opportunity we look for: the highest quality multifamily asset in the submarket, with no like-and-kind competition,” said Jay Remillard, executive managing director at CP Capital. “The surrounding product consists predominantly of fractured townhomes and ol
