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**Sherman Residential Acquires Skye Suwanee Town Center for $65 Million**
Sherman Residential has acquired the Skye Suwanee Town Center apartment community for $65 million, according to a report from the Atlanta Business Chronicle. The 9-acre property, located on Buford Highway in Suwanee, Georgia, was purchased from Barings, who had held ownership since 2021.
The apartment complex consists of three residential buildings with over 230 units and was developed by Terwilliger Pappas in 2019. Skye Suwanee Town Center is adjacent to the Suwanee Creek Greenway, a scenic trail that winds through wooded areas, wetlands, and wildlife habitats. Its location also places it within walking distance of Suwanee’s town green, restaurants, shops, and office spaces.
In the broader market, average pricing for multifamily properties has moderated. In northern Gwinnett County, properties are trading for approximately $214,600 per unit, while units in Atlanta average $213,900. These figures reflect a downward trend from the area’s most recent peak of nearly $254,000 per unit in Q2 2022. Notably, the units at Skye Suwanee Town Center sold at a premium, trading for approximately $282,000 per unit.
This transaction highlights continued investor interest in strategically located multifamily properties despite changing market dynamics.
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