An affiliate of Quad Property Group, a New York-based real estate investment firm, has sold Vintage Creek in Augusta, Georgia. The $8,050,000 sale, which was 61% higher than the 2017 purchase price, closed on September 30th.

“In just over three years, we were able to execute our business plan for the property and achieve a significant return for our investors,” said Jariel Bortnick, a principal at Quad Property Group. “We are thrilled to capitalize on Vintage Creek’s transformation, along with the robust investor demand for multifamily in Augusta.”

The 104-unit complex was previously purchased for $5,000,000 in August, 2017. Located at 1924 North Leg Road, Vintage Creek was built in 1972 and sits on 8.5 acres just east of the Bobby Jones Expressway. It contains a mix of one and two bedroom apartments, along with a leasing office, resident clubhouse, pet park and sport court. 

Quad Property Group, which also owns The Boundary at Silver Bluff apartment complex in Aiken, performed numerous upgrades to the property during its ownership. The upgrades included enhancements to the property’s common areas, amenity spaces and unit interiors. 

Michael Kashan, also a principal at Quad Property Group, stated that, despite the sale, the company expects to expand its presence in the Augusta metro area. “We  remain excited about the present and future of the CSRA and plan to grow our multifamily portfolio in the area,” said Kashan.

Cushman & Wakefield’s Taylor Bird and Nelson Abels assisted the seller with the transaction.