REBusinessOnline

Georgia

Audubon Communities Combines 252-Unit, 108-Unit Multifamily Properties in Metro Atlanta

NORCOSS, GA. — Audubon Communities has unveiled Corners at Holcomb Bridge, a project that combines two neighboring multifamily properties into one apartment community at 301 Noble Forest Drive in the northern Atlanta suburb of Norcross. The merging of Highland Corners, a 252-unit property, and Silver Oaks, a 108-unit property, began with Audubon’s 2015 acquisition of the 37 acres on which the complexes reside. The company has since invested $4.5 million in renovations to the project. Upon..

March 24, 2017

Duke Realty to Develop 420-Car Parking Deck in North Atlanta

SANDY SPRINGS, GA. — Duke Realty has announced plans to develop a five-level, 420-car parking deck in the northern Atlanta market of Sandy Springs. The structure will service Northside Hospital’s Center Pointe I and II, two medical offices totaling 363,174 square feet located at 1100 Johnson Ferry Road. Duke Realty will break ground on the project, which is designed to accommodate the construction of two additional parking levels in the future, in June. Delivery is slated for December.

March 23, 2017

Winter Construction Breaks Ground on $70M Marriott Hotel in Midtown Atlanta

ATLANTA — Winter Construction has broken ground on a 266,000-square-foot hotel by Marriott, located on 14th Street near the intersection of Peachtree Street in Atlanta’s Midtown neighborhood. The hotel will be dual branded as AC Hotel, which will comprise 133 rooms, and Moxy Hotel, which will offer 155 rooms. The hotels will share several levels of parking and a rooftop pool and bar. Cooper Carry Inc. designed the $70 million project; Noble Investment Group is the developer.

March 22, 2017

The Scharf Group, Besyata Investment Group Acquire Multifamily Portfolio in the Southeast for $74M

LOUISVILLE, KY., AND LITHONIA, GA. — The Scharf Group and Besyata Investment Group have acquired a two-property multifamily portfolio in the Southeast for $74 million. The portfolio boasts a total of 1,033 units. Properties included in the portfolio include the 689-unit Park at Hurstbourne in Louisville and the 344-unit Woodcrest Village in Lithonia. Park at Hurstbourne is a garden-style apartment complex situated on 44 acres at 5555 Big Ben Drive. It was built in 1972. Community..

March 22, 2017

Cushman & Wakefield Secures 115,314 SF Office Lease in Metro Atlanta

KENNESAW, GA. — Cushman & Wakefield has negotiated an 115,314-square-foot lease extension and expansion on behalf of furniture and electronics retailer Aaron’s Inc. As part of the deal, the retailer now occupies 400 and 500 Chastain Center in Kennesaw, located 27 miles northwest of Atlanta. Kirk Diamond, April Parrish, Erin Smith, Jennifer Leal and Steven Taylor of Cushman & Wakefield represented Aaron’s Inc. in the transaction. The representative of the landlord, TerraCap..

March 21, 2017

Reven Housing Acquires 38-Property Portfolio in Atlanta

ATLANTA — Reven Housing REIT Inc., a California-based investment firm, has acquired 38 properties in the Atlanta metro area. Most of the properties are three-bedroom, two-bathroom multifamily assets, averaging about 1,439 square feet per unit. Reven Housing (NASDAQ: RVEN) is a publicly traded REIT. The company paid approximately $2.7 million in cash, exclusive of closing costs, for the portfolio

March 20, 2017

CBRE Arranges $36M Sale of 230-Unit Multifamily Property in Atlanta

ATLANTA — CBRE has arranged the $36 million sale of 10 Perimeter Park, a 230-unit multifamily development in Chamblee, a northeastern suburb of Atlanta. Shea Campbell and Kevin Geiger of CBRE represented the seller, California-based Ardena Capital Management. The buyer, Aududon Communities, an Atlanta-based firm specializing in multifamily acquisitions, obtained the property by assuming the existing loan and sourcing a supplemental one.

March 17, 2017

North American Properties to Debut 1.2 MSF Phase II of Avalon in Alpharetta, Known as Boulevard East

ALPHARETTA, GA. — North American Properties (NAP) will officially debut Phase II of the 86-acre Avalon mixed-use development in Alpharetta, which is dubbed Boulevard East, on Thursday, April 13. NAP sold the first phase of Avalon last summer to PGIM Real Estate, which will also acquire Boulevard East from NAP later this year. The 1.2 million-square-foot expansion will double the size of Avalon and feature upscale apartment residences, 20 new shops and restaurants, a new office building..

March 14, 2017

Arden Group Acquires Sheraton Atlanta Hotel for $64.2M

ATLANTA — Arden Group has purchased the Sheraton Atlanta Hotel, a 763-room hotel located at 165 Courtland St. N.E. in downtown Atlanta. The Philadelphia-based investment firm purchased the hotel through its discretionary fund affiliate, Arden Real Estate Partners II LP, for $64.2 million, according to the Atlanta Business Chronicle. JLL represented the sellers, affiliates of Amerimar Enterprises and Contrarian Capital, in the transaction. The previous ownership group wrapped up a $15 million..

March 14, 2017

MARTA Selects Place Properties, H.J. Russell for $51.3M King Memorial Station Development

ATLANTA — The Metropolitan Atlanta Rapid Transit Authority (MARTA) has partnered with Place Properties and H. J. Russell & Co. to develop the King Memorial Station Transit Oriented Development (TOD), which has an estimated total development cost of $51.3 million. The joint venture replaces Walton Communities, which was initially awarded the project in 2014. The TOD will be co-located at the King Memorial MARTA station, which is located near downtown at 377 Decatur St. S.E. The project will..

March 14, 2017