Beverly Hills-based Triumph Properties has purchased a 194-unit apartment community in Lawrenceville, Ga., known as Sugarloaf Grove for $50.4 million.

It picked up the property at 1850 Duluth Highway in an off-market, all-cash acquisition with no loan in place.

Triumph Properties specializes in acquiring newer properties, and Sugarloaf Grove was built in 2020.
 
Amenities include a poolside gym, pool and “bark bar” for residents to interact with their pets. Some units come with fenced-in backyards.

It is Triumph Properties’ third multifamily acquisition since April and its first in the area.

“Sugarloaf Grove is exactly what we were looking for in our first acquisition in Atlanta,” Blake Brewer, the company’s director of acquisitions, said. “A well-constructed, brand-new property with fantastic amenities located in a dynamic and growing corridor.”
 
In May, the company formed a joint venture with New York-based GMF Capital.

Together, the two purchased Azalea at West Melbourne in Melbourne, Fla.
The apartment complex has 316 units and was built in 2020. Amenities at the property include two lakes.

In July, Triumph Properties also purchased the 45-unit Main Street Lofts at Verrado in Phoenix for $10.5 million. It was also an all-cash, off-market transaction.

Part of a larger mixed-use development, Main Street Lofts at Verrado was built in 2004. The residences sit above retail, restaurant and grocery storefronts.

“We have further diversified our portfolio geographically as well as from a product perspective,” Brewer said in a statement. “We hope to continue this success with more acquisitions before year end.”
 
The company plans to spend $150 million acquiring additional suburban, garden apartments. Its target markets include Phoenix; Denver; Atlanta; Las Vegas; and Nashville, Tenn.