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AcquisitionsGeorgiaMultifamilySoutheast

Cortland Acquires 287-Unit Multifamily Complex in Atlanta’s Pill Hill Neighborhood

by Alex Tostado

SANDY SPRINGS, GA. — Atlanta-based Cortland has purchased The Hill, a 287-unit multifamily complex in Sandy Springs, a suburb of Atlanta in the city’s Central Perimeter submarket. Cincinnati-based developer North American Properties Inc. (NAP) sold the property at 1160 Johnson Ferry Road NE to Cortland for an undisclosed amount. The complex, which will be rebranded as Cortland at the Hill, features a fitness center with free group fitness classes, a dog park, pool area, grilling stations and a fire pit. The apartment complex is adjacent to the MARTA Medical Center station and near to both Ga. Highway 400 and Interstate 285, as well as a cluster of hospitals giving the neighborhood the nickname of “Pill Hill.” The property was 81 percent occupied at the time of sale. With this acquisition, Cortland now owns 37 assets and more than 11,900 units in metro Atlanta.

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AcquisitionsGeorgiaMultifamilySoutheast

Black Creek Purchases New Multifamily Community in Atlanta’s Central Perimeter District for $117M

by Alex Tostado

SANDY SPRINGS, GA. — Denver-based Black Creek Group has purchased Hanover Perimeter from developer Hanover Co. for $117 million. The 384-unit multifamily property is located at 1110 Hammond Drive in Sandy Springs, a suburb of Atlanta in the city’s Central Perimeter submarket. The units were 96 percent occupied at the time of sale. Walker & Dunlop’s Pat Jones represented Black Creek in the transaction. Built in 2018, Hanover Place features a fitness center, pool, grilling areas, pet care station and a clubhouse equipped with billiards and a TV lounge. The property has nearby access to restaurants, retail and a Publix grocery store. It is also adjacent to Interstate 285, Ga. Highway 400 and the MARTA Dunwoody Station.

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AcquisitionsDevelopmentGeorgiaMixed-UseSoutheast

Third & Urban, FCP Acquire 15.2-Acre Site Along Atlanta BeltLine for Adaptive Reuse Project

by Alex Tostado

ATLANTA — Atlanta-based Third & Urban LLC and Chevy Chase, Md.-based FCP have acquired 15.2 acres along the Atlanta BeltLine. The joint venture partnership will develop a 275,000-square-foot mixed-use project at 950 W. Marietta St. The seller and price of the property were not disclosed. Designed by Perkins and Will, the development will focus primarily on converting an existing warehouse on the site into adaptive reuse space featuring both offices and retail. The project is directly across from the King Plow Arts Center, adjacent to The Foundry at Puritan Mill and near the Westside Park at Bellwood Quarry, which will be Atlanta’s largest green space after its planned opening in spring 2020. Construction is expected to begin in the third quarter of 2020, with an anticipated occupancy in the third quarter of 2021. Atlanta Paper Co., which was originally Elsas, May Paper Co., built the warehouse on West Marietta Street in the 1940s. It was once used to create packaging for The Coca-Cola Co. Later, it was owned and operated by Atlanta-based WestRock, a corrugated packaging company.

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AcquisitionsGeorgiaMultifamilySoutheast

NAP Sells New Mixed-Use Development Along Atlanta BeltLine to Connor Group for $110M

by Alex Tostado

ATLANTA — North American Properties (NAP) has sold Edge, a mixed-use development that the firm recently delivered along the Atlanta BeltLine’s Eastside Trail, to The Connor Group, a multifamily owner based in Ohio. According to Atlanta Business Chronicle, Connor Group acquired Edge for $110 million. Located at 670 DeKalb Ave. NE in Atlanta’s Inman Park, Edge straddles both sides of the BeltLine’s Eastside Trail. The development offers studio, one-, two-, and three-bedroom apartments, as well as a pool, fitness center, parking garage and a clubhouse. The apartments are adjacent to Interstate 85 and the MARTA King Memorial station. The development also offers 29,000 square feet of retail, dining and loft office space. Current tenants include Shake Shack, Cold Beer and Rukus Cycling Studios. The property is less than two miles from Ponce City Market and less than one mile from Krog Street Market. Cincinnati-based NAP partnered with Atlanta BeltLine Inc. (ABI) and The Conservation Fund to transform the environmentally contaminated site.

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AcquisitionsGeorgiaLoansMultifamilySoutheast

Berkadia Arranges $40.7M Sales of Two Multifamily Properties in Metro Atlanta

by Alex Tostado

ATLANTA — Berkadia has arranged the sales of The Reserve in Lithonia and Friendly Hills Apartments in Decatur. Texas-based Praxis Capital acquired both communities for a combined $40.7 million. Paul Vetter, Andrew Mays, Judy MacManus and Matt White of Berkadia represented the seller, Atlanta-based Benimax, in both transactions. The Reserve, which sold for $23.9 million, is a garden-style community offering studio through three-bedroom floor plans. Community amenities include a swimming pool, playground, picnic area and a fitness center. The property is located at 5650 Hillandale Drive, 17 miles east of downtown Atlanta. Jackson Cloak of Berkadia arranged a $19.8 million acquisition loan through Bridge Investment Group on behalf of Praxis for The Reserve. Friendly Hills Apartments is also a garden-style community that offers two- and three-bedroom floor plans. Community amenities include a basketball court, laundry facilities, swimming pool and a playground. Friendly Hills is located at 10 Friendly Hills Drive, 13 miles east of downtown Atlanta. Cloak originated a $12.3 million Freddie Mac loan on behalf of Praxis for Friendly Hills.

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Conference CoverageFeaturesGeorgiaMultifamilySoutheastSoutheast Feature Archive

Multifamily Developers, Investors Reveal Favorite Southeast Markets

by John Nelson

ATLANTA — Multifamily developers and investors keep an ever-watchful eye on job and population growth in their target markets. In the Southeast, where several metros are seeing gains in those demand generators, which markets stand out? That was a central question posed during the regional panel discussions at France Media’s 10th annual InterFace Multifamily Southeast conference. The event took place Tuesday, Dec. 3 at The Whitley in Atlanta’s Buckhead district. The event drew 384 attendees in the multifamily real estate sector. The short list for the various speakers’ favorite markets include the usual suspects, namely Atlanta, Orlando, Tampa, Charlotte and Raleigh. These markets all have a recent track record of strong employment growth, which is traditionally a reliable indicator of multifamily demand. Norm Radow, CEO of Atlanta-based The RADCO Cos., warned though that not all jobs are created equally, which has long-term implications for the new apartment communities coming on line. “The majority of the people hired are on the low end of the wage scale and the few making a lot of money are tipping the average up,” said Radow during the conference’s Atlanta Market Update panel. “The workers are there to rent them, but we’re building a product …

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AcquisitionsGeorgiaRetailSoutheast

CW Capital Sells Publix-Anchored Shopping Center in Metro Atlanta for $14.8M

by Alex Tostado

LAWRENCEVILLE, GA. — CW Capital has sold Village Shoppes of Sugarloaf, a 149,805-square-foot retail center in Lawrenceville, for $14.8 million. Publix anchors the property, which is located at 3330-3410 Sugarloaf Parkway, 30 miles northeast of downtown Atlanta. Village Shoppes was 63 percent leased at the time of sale. Scott Israel, Adam Sklaver and Phil Kates of CBRE represented the Bethesda, Md.-based seller in the transaction. Atlanta-based Branch Properties acquired the asset at a 5.5 percent cap rate.

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AcquisitionsGeorgiaMultifamilySoutheast

Passco Buys Buckhead Multifamily Complex from Greystar for $106.5M

by Alex Tostado

ATLANTA — California-based Passco Cos. has purchased Avana Lenox, a 423-unit apartment community in the Buckhead district of Atlanta. The firm purchased the asset from Greystar for $106.5 million. CBRE’s Paul Berry represented Greystar in the transaction. Avana Lenox was built in 1998 and offers units with one-, two-, and three-bedroom floorplans, as well as units with two-story loft floor plans and townhomes with attached garages. The property located at 925 Canterbury Road has nearby access to Interstate 85 and Ga. Highway 400. Amenities include a newly renovated fitness center, pool, club rooms, a fire pit, game room, shuffleboard, conference room, package locker system and tennis courts. Greystar will continue to manage the property. Capital improvements were made recently to Avana Lenox’s common areas and some units. Passco has plans for more unit updates. The acquisition brings Passco’s Atlanta multifamily portfolio to more than 1,800 units.

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DevelopmentGeorgiaIndustrialSoutheast

Chesterfield Completes 778,000 SF Shaw Manufacturing Facility Near Savannah

by Alex Tostado

PORT WENTWORTH, GA. — Chesterfield, a Winter Park, Fla.-based real estate developer, has completed a 778,000-square-foot facility for carpet manufacturer Shaw Industries Group Inc. in Port Wentworth, 12 miles northwest of downtown Savannah. Built in just seven months, the Shaw facility is now part of Chesterfield’s Georgia International Trade Center (GITC), a light industrial and manufacturing park spanning 1,150 acres. The general contractor for the Shaw facility is Omega Construction and the project architect is Atlas Collaborative. Stonemont Financial Group served as Chesterfield’s capital partner. The GITC is master planned for up to 7.2 million square feet. Located less than 10 miles from the Port of Savannah, the GITC has nearby access to the CSX Railway.

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InterFace Multifamily Southeast Operations Panel
Conference CoverageFeaturesGeorgiaMultifamilySoutheastSoutheast Feature Archive

Multifamily Operators Detail Top 20 Ways to Boost NOI

by John Nelson

ATLANTA — It’s something that everybody wants: Increased cash flow. Multifamily operators gave a tutorial on the 20 best ways in which their firms are boosting net operating income (NOI) during France Media’s 10th annual InterFace Multifamily Southeast conference. The event took place on Tuesday, Dec. 3 at The Whitley hotel in Atlanta’s Buckhead district. The full-day conference attracted nearly 400 multifamily professionals from across the Southeast. Ed Wolff, chief revenue officer for multifamily lease insurance firm LeaseLock Inc., moderated the operations discussion. The panelists included Sharon Hatfield, chief operating officer of CF Real Estate Services LLC; Lisa Taylor, senior managing director of client services at Greystar; and Marcie Williams, president of RKW Residential. The discussion was bifurcated between how these operators are driving NOI by increasing/creating revenue and minimizing expenses. Hatfield said that operators can experience the most immediate results by focusing on the revenue stream at the property level. “In today’s challenging environment, it’s better to try to approach the revenue side than it is expenses,” said Hatfield. “Revenue can impact the value of the asset so much.” The panelists’ best revenue-boosting methods ranged from the practical to the futuristic. Greystar’s Taylor said that her firm has partnered …

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