CLARKSTON, GA. — FCP has acquired Portofino Apartments, a 234-unit, garden-style community in Clarkston, for $19 million. The property is located at 1250 Brockett Road, 12 miles east of downtown Atlanta. Portofino Apartments offers one- through three-bedroom floor plans. Communal amenities include two swimming pools, a playground, basketball court and dog park. Wesley Kenney and Tyler Averitt of Cushman & Wakefield represented the undisclosed seller in the transaction.
BROOKHAVEN, GA. — Emory Healthcare has broken ground on its 180,000-square-foot Musculoskeletal Institute within Emory’s Executive Park innovation district in Brookhaven, a first-ring suburb of Atlanta. Hammes Co. will manage the project, which will offer orthopaedics and spine ambulatory care, physical therapy, imaging and ambulatory surgery, with additional space for clinical and discovery research. Emory expects to complete the LEED-certified facility in the first half of 2021.
BIRMINGHAM, ALA. AND COLUMBUS, GA. — BCDC and Adevco have broken ground on two Extra Space Storage facilities, one in Birmingham and one in Columbus. The property in Birmingham will feature 732 climate-controlled units across 100,050 square feet. The building will be located at 2864 Acton Road, eight miles south of downtown Birmingham. Great Southern Bank provided construction financing for the three-story building, which is scheduled for delivery in September 2020. The Extra Space in Columbus will offer 780 units in a 100,080-square-foot building located at 7350 Blackmon Road, 13 miles northeast of downtown Columbus. Georgia’s Own Credit Union provided construction financing for the facility, which is slated for completion in summer 2020.
STONE MOUNTAIN, GA. — Blue Magma Residential LLC has acquired Park at Hairston Apartments, a 360-unit multifamily community in Stone Mountain, for $22.3 million. The property offers one-, two- and three-bedroom floor plans and was 95 percent occupied at the time of sale. Blue Magma will invest $2.9 million in capital improvements to upgrade interiors and the community exteriors. The buyer will rebrand the property as The Park at Carrigan. Communal amenities include a swimming pool, children’s splash pool, playground, barbecue area, clubhouse, fitness center and a gazebo. Park at Hairston is located at 1038 S. Hairston Road, 12 miles east of downtown Atlanta. Paul Vetter of Berkadia represented the buyer in the transaction. Greystone provided acquisition financing.
CANTON, GA. — Bright-Meyers-Sasser Storage 1 (BMS Storage) has opened Canton Storage, a 66,608-square-foot, 583-unit facility in Canton. The property is located at 150 Reinhardt College Parkway, seven miles from Reinhardt University and three miles from Chattahoochee Technical College. Absolute Storage Management will provide management services.
PEACHTREE CORNERS, GA. — Greystone has provided a $48 million Freddie Mac loan to refinance Village Park at Peachtree Corners, a 132-unit senior housing community. Cary Temper of Greystone originated the 10-year loan on behalf of the borrower, Harbert Seniors Housing Fund I. Village Park at Peachtree Corners offers independent living, assisted living and memory care services. The property includes communal amenities such as garden paths, a health spa, pet park, juice bar, fitness centers, stretch classes, restaurant-style dining, private transportation and a beauty and barber salon. The property is located at 5701 Spalding Drive, 22 miles northeast of downtown Atlanta.
DOUGLASVILLE, GA. — Fogelman Properties and Thackeray Partners have acquired Lakeside at Arbor Place, a 246-unit apartment complex in Douglasville. The property offers one-, two- and three-bedroom floor plans and was 96 percent occupied at the time of sale. Communal amenities include a clubhouse, fitness center, swimming pool, dog park and a tennis court. The buyers plan to upgrade unit interiors and upgrade amenities, including making improvements to the fitness center and clubhouse, as well as adding a sports court and outdoor kitchen. The community was built in two phases in 1988 and 1996, and rents range from $904 to $1,385. Lakeside at Arbor Place is located at 3000 Georgia 5, 24 miles west of downtown Atlanta. The seller and price were not disclosed.
ALPHARETTA, GA. — JLL has arranged the sale of Alpharetta City Center, a mixed-use development featuring 168 residential units, a town green and 82,700 square feet of retail and restaurant space. Amorance, the multifamily community on-site, spans two buildings, offering one- and two-bedroom floor plans averaging 1,067 square feet. The property, which South City Partners and Morris & Fellows delivered in 2018, features communal amenities such as a clubroom with outdoor patio, catering kitchen, communal living room with a fireplace and TV, swimming pool courtyard, grilling area, fire pit, lounge seating areas, and a fitness center with yoga and spin rooms. The District, a 41,650-square-foot collection of local boutiques and service providers, sits at street level below the apartments. The Gardens, developed by Morris & Fellows, houses 41,050 square feet of chef-driven restaurants spanning two acres of parks and green spaces across three city blocks of Main Street. The retail and restaurants were fully leased at the time of sale. David Gutting, Margaret Caldwell (now with Arden Capital Advisors), Derrick Bloom and Margaret Jones of JLL represented the sellers, South City Partners and Morris & Fellows, in the transaction. CBRE Global Investors purchased the property on behalf of a separate account client …
COMMERCE, GA. — Rooker has acquired 600 acres in the northeast Georgia city of Commerce to construct Bana 85 Commerce Center, a planned 6 million-square-foot business and logistics park. Road and utility construction are slated to begin in 2020, as will grading for an initial site to accommodate 1.5 million square feet. Bana 85 Commerce Center will have sites available in a range of sizes for build-to-suit or user sales in the warehousing, distribution and manufacturing sectors. The site is located 20 miles east of Georgia Ports Authority’s 104-acre inland port in Gainesville, which is slated for completion in 2021. Atlanta-based Rooker acquired the undeveloped land by assembling multiple properties within the area. The land acquisition included several industrial-zoned parcels and three commercial-zoned parcels. Brent Story of Avalon Real Estate Partners represented the sellers in the land acquisition.
DORAVILLE, GA. — The Integral Group has added three development partners at Assembly Yards, a 165-acre mixed-use redevelopment of the former General Motors plant in Doraville. Paces Properties has joined the development team as the retail partner, StreetLights Residential will serve as the multifamily partner and Ashton Woods Homes as the single-family home builder. Additionally, Alamo Drafthouse Cinema, a Texas-based chain of movie theaters with in-house dining and bar service, will open its first Georgia location at Assembly Yards in 2021. Paces Properties expects to build 125,000 square feet of retail space, including a 16,000-square-foot food hall. Dallas-based StreetLights Residential will construct 300 multifamily units, while Ashton Woods will deliver 150 townhomes. The partnerships with Paces, StreetLights and Ashton Woods combined will add $175 million of development to the site. The first set of retail openings is scheduled for early 2021. In May, Serta Simmons Bedding also celebrated the grand opening of its new 250,000-square-foot headquarters at Assembly alongside Georgia Gov. Brian Kemp and Doraville Mayor Donna Pittman. At the same time, NAVYA launched an autonomous shuttle, the first-of-its-kind in the region.
