Georgia

ATLANTA — Cushman & Wakefield has arranged the $29.8 million sale of a land site located at the corner of Memorial Drive and Bill Kennedy Way in Atlanta’s Reynoldstown submarket. The site was formerly occupied by manufacturer Leggett & Platt. Matt Hawkins, Pierce Owings and Ron Willingham of Cushman & Wakefield represented the undisclosed seller in the transaction. Atlanta-based Fuqua Development acquired the 17-acre property, with plans to develop a $250 million mixed-use development dubbed Madison Yards. The project will include 160,000 square feet of retail space — including anchor tenants Publix and AMC Theatres — 80,000 square feet of loft office space, 550 apartment units and townhomes. Madison Yards is expected to open as early as 2019.

JACKSONVILLE, FLA. — Berkadia has arranged the $27.9 million sale of three apartment communities in Jacksonville. Tal Frydman, Greg Rainey and Cole Whitaker of Berkadia represented the seller, Nova Eagle, in the transaction. Infinity Acquisitions LLC acquired the assets. The portfolio includes: Reserve at Water’s Inlet, a 205-unit community located at 6100 Arlington Expressway; Magnolia I, a 276-unit community located at 2045 Jammes Road; and Magnolia II, a 112-unit community located at 2401 Jammes Road. Constructed in 1970, Reserve at Water’s Inlet features one- and two-bedroom apartment units. Community amenities include laundry facilities, a fitness center, business center and a pool. Magnolia I, constructed in 1965, includes one- to three-bedroom units and features barbecue/picnic areas, a clubhouse, on-site laundry facility and a swimming pool. Constructed in 1973, Magnolia II offers one- and two-bedroom units and features laundry facilities, 24-hour security camera monitoring, a swimming pool and a playground.

DULUTH, GA. — Starlight U.S. Multifamily has acquired The Heights at Sugarloaf, a 330-unit apartment community in Duluth, roughly 30 miles northeast of Atlanta. The sales price was not disclosed. Constructed this year by The Worthing Cos., The Heights at Sugarloaf is situated within the Sugarloaf Market development, a 30-acre mixed-use project. Upon completion, Sugarloaf Market will feature 80,000 square feet of commercial space including a national grocery retail anchor tenant and a future seniors housing community. The Heights at Sugarloaf includes five three- and four-story buildings. Community amenities include a fitness center, business center, package concierge system, resort-style swimming pool, gas grilling stations and a courtyard with park benches and a dog park.

NORCROSS, GA. — Cushman & Wakefield has brokered the $55.4 million sale of two apartment communities in Norcross, roughly 25 miles northeast of Atlanta. The portfolio includes the 386-unit Sienna Heights, which sold for $32.2 million, and the 301-unit Hickory Grove, which sold for $23.2 million. Tyler Averitt and Robbie O’Bryan of Cushman & Wakefield represented the seller, Schorr Investments, in the transaction. Comunidad Realty Partners acquired both properties. Constructed in 1972, Sienna Heights features a business center, playground, fitness center, soccer field and biking, hiking and jogging trails. Built in 1979, Hickory Grove features a picnic area, laundry facility, pool, playground and a sports court.

HAPEVILLE, GA. — Atlantic | Pacific Cos. (A|P) has acquired The Atlantic Aerotropolis, a 269-unit multifamily community in Hapeville, two miles north of Hartsfield-Jackson Atlanta International Airport. Additional terms of the transaction were not disclosed. The Atlantic Aerotropolis features a saltwater swimming pool, fitness center, grill and picnic areas, gaming room with billiards and shuffleboard, a business center, conference room and a rooftop deck. A|P will invest in capital improvement to the property including updating unit interiors with quartz countertops and stainless steel appliances. A|P Management, the property leasing and management platform under A|P, will manage the property. The acquisition brings A|P’s regional portfolio to 18 multifamily communities.