Georgia

Century Park Duluth

DULUTH, GA. — Moran & Co. Southeast has brokered the $53.9 million sale of Century Park, a 440-unit apartment community located at 2110 Preston Park Drive N.W. in Duluth, a suburb of Atlanta. The property’s units average 1,220 square feet and include black GE appliances, crown molding, 9-foot ceilings, private balconies/patios, walk-in closets and garden tubs. Select units have sunrooms, wood-burning fireplaces, built-in media desks and vaulted ceilings. Community amenities include gated access, a swimming pool, fitness center, DVD library, lighted tennis court, sand volleyball court, playground area, car care center, clubhouse and detached garages. Atlanta-based Cortland Partners purchased the asset from Atlanta-based Centennial Holding Co. for roughly $122,500 per unit. Sean Henry, Joel Sasser and John Huckaby of Moran & Co. Southeast brokered the transaction.

FacebookTwitterLinkedinEmail

SMYRNA, GA. — Steadfast Apartment REIT has acquired Park Valley Apartments, a 496-unit, Class B multifamily community in the Atlanta suburb of Smyrna, for $51.4 million. Built in 1987, the apartment property features studio, one- and two-bedroom residences that range from 465 to 1,137 square feet. Unit interiors include stainless steel appliances, walk-in closets and vaulted ceilings. Community amenities include a swimming pool, cyber café, fitness center, weekly boot camp, three lighted tennis courts, car care center, picnic areas with grills and a fenced pet park. The property is currently 95 percent occupied and rents average $871 monthly. The multifamily REIT plans to upgrade all unit interiors and enhance amenities and common areas. Steadfast Apartment REIT’s portfolio now comprises 9,300 units across 28 properties in 11 states for an aggregate purchase price of $1.1 billion.

FacebookTwitterLinkedinEmail
Conyers Logistics Center

CONYERS, GA. — Atlanta-based Reliant Real Estate Partners has brokered the $9.9 million sale of Conyers Logistics Center, a 201,403-square foot distribution facility in Conyers. The property is located at 2107 Eastview Parkway. Conyers Logistics Center was 100 percent leased at the time of sale to Cellofoam North America and Pioneer Plastics. An affiliate of STAG Industrial Inc. purchased the distribution center from Kansas City-based Block Real Estate Funds. Bob Burdell and J.R. Wright of Reliant Real Estate Partners represented both the buyer and seller in the transaction.

FacebookTwitterLinkedinEmail
524 West Peachtree Street Midtown Atlanta

ATLANTA — Avison Young has brokered the $4.4 million sale of a 63,000-square-foot office building at 524 W. Peachtree St. in Midtown Atlanta. The new owner, 524 Peach LLC, plans to convert the office building into a 175-room, upper midscale hotel. Originally built in 1928, the new eight-story hotel is expected to be operational in the summer of 2017. Matt Tritschler, Phil Barry and Hilton Barry of Avison Young represented the sellers, Marconi Park LLC and Quarry LLC, in the transaction.

FacebookTwitterLinkedinEmail
16th Station Midtown Atlanta

ATLANTA — Parkside Partners plans to redevelop a 40,000-square-foot property located at 1280 W. Peachtree St. in Midtown Atlanta. The new $12 million project, known as 16th Station, will be a Class A, boutique office asset located at the southwest corner of West Peachtree and 16th streets. The property will feature exposed brick and concrete beams, large floor-to-ceiling warehouse windows, concrete floors, covered and outdoor patio space and a rooftop terrace with a lounge and firepit. MTSD Inc. designed the loft-style office project, which is schedule for an early 2017 completion. The property’s location within the Midtown Opportunity Zone gives tenants the opportunity to receive job-creation credits of $3,500 per year for each new job created for five years.

FacebookTwitterLinkedinEmail
Broadstone Ridge Atlanta

ATLANTA AND NASHVILLE, TENN. — Alliance Residential Co. has started construction on two luxury apartment developments in Atlanta and Nashville. The projects include Broadstone Ridge, a five-story development within walking distance of the Chattahoochee National Recreation Area and the new Atlanta Braves stadium, and Broadstone 8 South in Nashville’s 12South/8th Avenue neighborhood. Since 2012, Alliance Residential’s pipeline has totaled more than $350 million with projects in Georgia, South Carolina and Tennessee. The company recently delivered The Haynes House and Broadstone Court in Atlanta and Broadstone Seaside in Charleston. Current projects in the company’s pipeline include Broadstone Midtown in Midtown Atlanta, Broadstone Springs in Sandy Springs, Ga., and Broadstone Germantown in Nashville.

FacebookTwitterLinkedinEmail

GARDEN CITY, GA. — PCCP LLC and Panattoni Development Co. Inc. have formed a joint venture to develop Westport Business Park on a 33-acre land parcel in Garden City, which borders Savannah. The 312,000-square-foot speculative distribution center will feature 32-foot clear heights with 94 dock doors, 52-foot by 60-foot stage bays, T5 lighting, ESFR sprinklers, 45 trailer spaces and 77 car parking spaces. The facility will be situated less than two miles from the Garden City Terminal at the Port of Savannah and the Savannah/Hilton Head International Airport. The joint venture expects to complete the project by mid-2016.

FacebookTwitterLinkedinEmail
Parkway Vista Atlanta

ATLANTA — Vista, an Atlanta-based owner and developer of multifamily communities in the Southeast, has purchased two apartment communities in metro Atlanta totaling $56.8 million, or roughly $106,000 per unit. Vista originally developed both complexes and plans to renovate the assets to best-in-submarket status. The properties include the 312-unit Oakwood Vista in Norcross near I-85 and Jimmy Carter Boulevard and the 224-unit Parkway Vista in Atlanta near the I-85/I-285 junction. Vista originally developed Oakwood Vista in 2003 and Parkway Vista in 2002. Vista funded both acquisitions using a combination of permanent financing from Freddie Mac, preferred equity and equity provided by Eduard de Guardiola, the founder of Vista.

FacebookTwitterLinkedinEmail
Woodland Trail LaGrange

LAGRANGE, GA. — On behalf of KEP LaGrange LLC, The Kalikow Group and EYC Cos. have sold Woodland Trail, a 236-unit, garden-style apartment community in LaGrange, for $22.8 million. Built in 2009, the apartment complex is located on a 20-acre site on North Davis Road, roughly 10 miles from Kia Motors Corp.’s $1.2 billion auto manufacturing facility that opened in 2011. Woodland Trail features one-, two- and three-bedroom units that include maple cabinets and granite countertops in the kitchen, nine-foot ceilings and walk-in closets. Community amenities include a fitness center and playroom, business center, swimming pool, screen porch terrace for poolside dining and a four-acre woodland preserve with nature trails.

FacebookTwitterLinkedinEmail
Pleasant Hill Square Duluth

DULUTH, GA. — SRS’ Southeast investment sales team has brokered the $16.4 million sale of Pleasant Hill Square, a 282,137-square-foot regional power center located in Duluth, an Atlanta suburb in Gwinnett County. Located at 2205 Pleasant Hill Road near the Satellite Boulevard intersection, the property is anchored by Toys “R” Us, Jo-Ann and Staples. Wells Fargo NA sold the shopping center to GW Real Estate of Georgia LLC. Kyle Stonis and Pierce Mayson of SRS, along with Tony Bartlett and Chip Sipple of Lincoln Property Co., represented Wells Fargo in the transaction. The buyer was self-represented.

FacebookTwitterLinkedinEmail