Newmark Arranges Sale of The Bowie, a 350-Unit Multifamily Community in Sandy Springs, Georgia

Newmark has arranged the investment sale of The Bowie, a 350-unit multifamily community located at 8800 Dunwoody Place in Sandy Springs, Georgia, the firm announced August 26, 2026.

Newmark Senior Managing Directors Brooks Colquitt and James Wilber, Vice Chairmen David Gutting and Derrick Bloom, and Senior Managing Director Hunter Amos represented the seller in the transaction. The buyer was not disclosed.

Property Overview

Built in 1980, The Bowie is a 25-building garden-style apartment community situated on approximately 29.5 acres in the North Sandy Springs submarket. The property comprises 350 units and was approximately 86% occupied at the time of sale. Since 2018, the asset has received roughly $8 million in capital improvements covering unit and common-area upgrades.

The property's occupancy at sale trails the broader Sandy Springs/Dunwoody submarket, where occupancy has been reported in the low-90% range, a gap that presents lease-up and revenue upside for the incoming owner. Newmark noted that the new owner has the opportunity to further renovate units and implement operational enhancements to drive additional income growth.

Location and Demand Drivers

The Bowie is positioned along the GA-400 corridor, providing access to Perimeter Center and the North Fulton office market, which are home to a concentration of Fortune 500 companies, major healthcare systems, and professional services firms. More than 300,000 jobs are located within a short drive of the property, along with one of the nation's largest concentrations of medical office and healthcare employment, according to Newmark.

Sandy Springs is characterized by strong renter demographics, highly rated schools, and limited multifamily development opportunities — factors that Newmark cited as central to investor interest in the asset. Residents also benefit from proximity to Chattahoochee River recreation amenities, Downtown Roswell, and Atlanta's broader transportation network.

"The Bowie represented a unique opportunity to acquire a well-located asset in one of Metro Atlanta's most established and supply-constrained suburban submarkets," said Colquitt. "Investors were attracted to the property's premier location, significant value-add potential and proximity to some of the region's most influential employment drivers."

Value-Add Investment Thesis

The transaction reflects a value-add investment strategy. Despite the $8 million in capital improvements deployed since 2018, Newmark's marketing emphasized remaining upside through interior finish upgrades and operational improvements. The combination of a 1980 vintage, below-submarket occupancy, and a supply-constrained location in an affluent suburb underpins the business plan for the new owner.

Average apartment rents in Sandy Springs have moderated in recent years, with median rents moving from approximately $1,782 in mid-2023 to around $1,664 by early 2026, reflecting a broader cooling of rent growth across Metro Atlanta following the post-pandemic surge. Against that backdrop, investors have continued to pursue suburban value-add assets in markets with high barriers to new supply and durable employment bases.

Market Context

The sale of The Bowie underscores continued capital interest in multifamily assets throughout Metro Atlanta, particularly in affluent suburban submarkets with strong barriers to entry. Atlanta multifamily cap rates have been running in the mid-5% range, with per-unit pricing generally in the high-$100,000s to low-$200,000s range, reflecting selective but active investor demand for well-located suburban product.

The sale price and cap rate were not disclosed.

Newmark Group, Inc. (Nasdaq: NMRK) reported revenues of more than $3.6 billion for the twelve months ended June 30, 2026, and operates from over 195 offices with more than 10,000 professionals across four continents.

Sources

Newmark Press Release — Sale of The Bowie, Sandy Springs, Georgia (August 26, 2026)