Sentinel recently announced that in two separate transactions it acquired The Juncture Apartments, a 560-unit garden-style community 30 miles northeast of Downtown Atlanta, and The Airdrie at Paoli Station, a 154-unit mid-rise community located in the Philadelphia suburb of Paoli. In both transactions, Sentinel was able to acquire newer vintage, stabilized multifamily properties at an attractive basis in high-growth markets with barriers to entry and long-term growth prospects.
"Apartment communities of this caliber are in high demand in both of these markets given the strong employment fundamentals and high barriers to entry for home ownership," said Michael Streicker, President of Sentinel. "What also made these investments so attractive is that there are no comparable apartment communities under development within three miles of either property, which we expect will support continued strong performance."
Sentinel has been active in the Atlanta and Philadelphia markets throughout its 53-year history, having owned and operated 46 multifamily properties in these areas, comprising over 12,000 units. Since its inception, Sentinel has acquired a national portfolio of multifamily real estate on behalf of domestic and international institutions. The firm will continue to leverage its market expertise and deep industry relationships to identify attractive investment opportunities in high growth markets throughout the US.
The Juncture Apartments
The Juncture Apartments is located in the desirable northern Atlanta suburb of Alpharetta within the Forsyth County submarket and enjoys proximity to a growing tech employment hub as well as attractive lifestyle, retail and restaurant destinations.
Completed in 2017, The Juncture Apartments is a 16-building community that features one- and two-bedroom apartments averaging 1,025 square feet. Each residence features stainless steel appliances, granite and quartz countertops, hardwood-style plank flooring, high ceilings with crown molding, walk-in closets, washers and dryers, and a private balcony or patio. Select units include additional storage, built-in wine racks, bookshelves, desks and display niches. Community amenities include a resort-style pool, grilling stations, an outdoor lounge with a fireplace and TV, an outdoor fire pit with entertaining space, a clubroom, and a fitness center, as well as a dog park, a coffee bar and a business center.
Forsyth County is one of Atlanta’s most affluent submarkets, and Alpharetta benefits from one of the strongest school systems in the region with ratings of 8 out of 10 on Greatschools.org. The Juncture is located just west of Highway 400, providing freeway access to the Perimeter/Sandy Springs and Downtown Atlanta employment centers, as well as I-85 and I-285. The property is also conveniently located near two premier mixed-use developments in Alpharetta – Avalon and Halcyon – which boast high-quality retail, restaurants, hospitality and office properties that are home to major employers such as Morgan Stanley, JLL and Alimera Sciences. Other major employers in the submarket include AT&T, ADP and Fiserv.
The Airdrie at Paoli Station
The Airdrie at Paoli Station is located in Upper Chester County, which is one of Philadelphia’s most affluent submarkets. Major employers in the area including Vanguard Group, Siemens Medical Solutions and Saint Gobain, all of which have headquarters within a five- to ten-minute drive of the property. Moreover, the area is home to West Chester University and benefits from one of the strongest school systems in Pennsylvania with ratings of 8 out of 10 on Greatschools.org. The Airdrie at Paoli Station is adjacent to the Paoli Amtrak/SEPTA Station and proximate to a variety of lifestyle, retail and restaurant destinations as well as major interstates including I-95, I-476 and I-76. These locational advantages support the property’s attractiveness to a range of potential renters.
The Airdrie at Paoli Station was constructed in 2020 and features one- and two-bedroom apartments averaging 978 square feet. Unit finishes include quartz countertops, stainless steel appliances, tile backsplashes, shaker-style cabinetry, kitchen islands, wood-style flooring in common and wet areas, ceramic tile baths, washers and dryers, walk-in closets, private balconies/patios, and keyless entry. Community amenities include a clubhouse with a clubroom, a coffee bar, a conference room, a media room, a 24-hour fitness center, a swimming pool and a pet station as well as on-site storage and package lockers.
The acquisitions received coverage in Multifamily Executive and The Philadelphia Business Journal:
Learn more about Sentinel's portfolio, which includes multifamily, commercial and build to rent.