Two Georgia-based apartment communities sell for $125.75m

ECI Group has sold two apartment communities, The Columns at Sweetwater Creek, with 270 units in Lithia Springs, Ga., and The Columns at Peachtree Corners with 304 units in Norcross, Ga., for a total of $124.75 million.

“Unique market conditions in 2021 compelled us to make the often-difficult decision to sell assets that we developed ourselves and have operated for decades in order to exchange into new properties with similar yields but significantly less long-term operational and capital risks,” said Scott Levitt, ECI chief acquisitions officer. “In this instance, the sales provided us with the opportunity to close on our recently announced Orlando acquisition, Makara Orlando Apartments, as well as other footprint-expanding acquisitions.”

The Columns at Sweetwater Creek is located at 100 Columns Dr. in Lithia Springs and was developed by ECI Group in 2000. The surface-parked garden apartments feature large patios and balconies, a fitness center and c