Sherman Residential Acquires 352-Unit Celadon on Club in Lawrenceville, Georgia for $67.2 Million

Sherman Residential has acquired Celadon on Club, a 352-unit Class A multifamily community in Lawrenceville, Georgia, for approximately $67.2 million, the Chicago-based firm announced Aug. 27. The transaction, which equates to roughly $190,900 per unit, pushes Sherman Residential's Georgia portfolio past 800 units and reinforces the family-owned company's focus on the Southeast market.

The seller was Oxford Properties, an Atlanta-based developer that built Celadon on Club on the site of the former Northwoods Country Club golf course.

Property Overview: Class A Suburban Product in Gwinnett County

Celadon on Club is located at 3355 Club Drive in Lawrenceville, GA 30044, within Gwinnett County — a submarket the company describes as one of the fastest-growing areas of metro Atlanta. The property was completed in 2023 and offers one- to three-bedroom floor plans ranging from approximately 685 to 1,438 square feet.

The community occupies more than 30 acres, with 16 acres designated as onsite greenspace and walking paths. Monthly asking rents range from the mid-$1,400s to the low-$2,700s, positioning Celadon on Club in the upper tier of Lawrenceville's suburban rental market, consistent with new Class A construction and an extensive amenity package.

Amenities include a 3,000-square-foot resort-style pool, a resident clubhouse with a multi-room fitness center, golf simulator, and workstations, as well as open-air covered lounges with games, grilling, and seating. Individual units feature in-unit washers and dryers, granite countertops, pendant lighting, EV chargers, and property-wide Wi-Fi.

The property is situated within 15 minutes of the downtown districts of Duluth and Norcross. A 25-acre community park is located across Club Street, and the Gwinnett School of Mathematics, Science & Technology — consistently ranked among the top public high schools in Georgia — is nearby.

Strategic Context: Sherman Residential Scales Georgia Footprint

Sherman Residential's managing director and chief investment and strategy officer said the acquisition reflects the firm's commitment to the Southeast. "We're excited to add Celadon on Club to our growing Georgia portfolio — this acquisition brings our Georgia portfolio to over 800 units, which speaks to our commitment to the Southeast market," the executive said in a statement. "We look forward to bringing Sherman's hands-on ownership approach to this special community."

The Celadon on Club deal fits a broader pattern of institutional capital targeting recently built rental housing in fast-growing outer-ring suburbs of major Sun Belt metros. Gwinnett County has seen significant population growth driven by industrial expansion and the arrival of manufacturing, healthcare, and technology campuses in the area.

Sherman Residential, a division of Benj. E. Sherman & Sons, Inc., has been active in real estate for more than 100 years and currently owns assets across six states. The firm is headquartered in north suburban Chicago and has been generating investor returns since 1990. Its Southeast portfolio also includes multifamily holdings in the Charlotte, North Carolina market.

Lease-Up and Market Positioning

As a 2023 delivery, Celadon on Club is in the early stages of stabilization, with multiple units available for rent across listing platforms at the time of the acquisition — a typical profile for recently completed Class A product in a high-growth corridor. Sherman Residential plans to deploy a dedicated onsite team to manage the property and build resident community.

The acquisition underscores Sherman Residential's strategy of targeting newer-vintage Class A assets in suburban Sun Belt markets characterized by strong household formation and employment growth. Gwinnett County's expansion, driven by industrial and technology investment, has supported sustained population increases that underpin demand for higher-end rental housing.

About Sherman Residential

Sherman Residential is a Chicago-area-based real estate firm focused on apartment ownership across the United States. The company operates as a division of Benj. E. Sherman & Sons, Inc. and currently holds assets in six states. More information is available at shermanresidential.com. Prospective residents can learn more about Celadon on Club at celadononclub.com.

Sources: PR Newswire — Sherman Residential Expands Gwinnett County Presence with the Acquisition of Celadon on Club