KENNESAW, GA. — Passco Cos. LLC has acquired the recently completed Twenty25 Barrett, a 238-unit apartment community, for $38.8 million. The LEED Gold-certified property is located at 2025 Barrett Lakes Blvd. in Kennesaw, a northern suburb of Atlanta. The property includes a clubhouse/business center, fitness center, executive club lounge, swimming pool with sunning shelf, dog park and lakefront trail. Developed by AMLI, the property’s units average 990 square feet.
ATLANTA — Institutional Property Advisors Capital Markets (IPA Capital Markets) has arranged $17.2 million in acquisition financing for The Waterford on Piedmont, a 153-unit high-rise apartment community in Atlanta. The residential tower is located at 530 Piedmont Ave. in Atlanta’s Midtown district. Jake Roberts and Anita Paryani of IPA Capital Markets’ West Los Angeles office arranged the 12-year loan with seven years of interest-only payments and a 30-year amortization schedule. The loan has a fixed interest rate of 4.04 percent.
ATLANTA — Paces Properties has opened its Krog Street Market (KSM), a 30,000-square-foot mixed-use development in Atlanta’s Inman Park neighborhood. KSM is located at 99 Krog St. at the southeast corner of the intersection between Krog and Irwin streets. The property is structured as a food hall and urban market with 16 food and retail market stalls, five chef-driven restaurants and two freestanding retail buildings. Retailers currently open for business include The Collective, a co-op local artist establishment; French Market Flowers; Krog Street Pet Works; Mama Bath + Body; The Spotted Trotter Charcuterie, a butcher and cheese shop; and Small Batch Chocolate. The food stalls include Grand Champion BBQ; Jeni’s Splendid Ice Creams; Little Tart Bakeshop, which serves coffee from Octane; Fred’s Meat & Bread; and Yalla. Craft Izakaya and The Luminary, two chef-driven restaurants, have been open since August. Additional restaurants and food stalls are slated to open in the coming months. KSM also features bike racks, electric car charging stations, water stations for dogs and a communal dining area. Lily Heimburger of SRS Real Estate Partners handles KSM’s leasing responsibilities on behalf of Paces Properties.
ATLANTA — Brasfield & Gorrie has completed vertical construction on Cyan on Peachtree, a luxury multifamily development in Atlanta’s Buckhead district. The 23-story high-rise will offer 329 rental units with high-end finishes and amenities. Located on Peachtree Road, the community will also feature a seven-level parking structure with controlled access. Brasfield & Gorrie plans to deliver the property in 2015. The project team includes owner Monogram Residential Trust, developer Atlantic Realty Partners and architect Rafael A. Garcia and Associates.
NORCROSS, GA. — Lincoln Property Co. Southeast has brokered the $1.2 million sale of a 16,983-square-foot office building located at 3135 Avalon Ridge Place in Norcross, an eastern suburb of Atlanta. Denton Shamburger and Jeff Henson of Lincoln Property represented the undisclosed seller in the transaction. Paul Hanna of JLL represented the buyer, Custard Insurance Adjusters, which currently occupies 6,000 square feet at the property. Custard plans to expand its presence at the building in the near future.
ATLANTA — PRP LLC has sold Ansley at Princeton Lakes, a 306-unit garden-style apartment community in Atlanta, approximately three miles from Hartsfield Jackson Atlanta International Airport. PRP developed the community in 2009. Ansley at Princeton Lakes was 96 percent occupied at the time of sale. The property includes a 4,500-square-foot clubhouse, pool, 41 garage spaces and a car wash. PRP sold the community to a partnership consisting of Gulf Finance House and entities controlled by PRP.
HOSCHTON, GA. — Crossman & Co. has brokered the $8.8 million sale of West Jackson Crossing, a Publix-anchored shopping center in Hoschton. The 68,649-square-foot center’s tenant roster includes Verizon Wireless, Pizza Hut and Great Clips. John Zielinski and Mark Thompson of Crossman & Co. represented the undisclosed seller in the transaction.
ELLENWOOD, GA. — PointOne Holdings has sold The Oaks at Ellenwood, a 240-unit apartment community in Ellenwood, 14 miles outside of Atlanta, for $9.8 million. The real estate investment company originally purchased the property in August 2012 out of receivership for $4.5 million. The company then invested approximately $1.2 million to upgrade and rebrand the project. From August 2012 to the time of sale, occupancy moved from 65 percent to 93 percent, according to PointOne Holdings.
SANDY SPRINGS, GA. — Spirit Bascom Ventures, in conjunction with funds managed by Oaktree Capital Management LP, has purchased The Laurels at Overlook Park. The 232-unit apartment community is located along the Chattahoochee River at 415 Morgan Falls Road in Sandy Springs, a northern suburb of Atlanta. The property’s amenity package includes a large clubhouse, resort-style pool with gardens, fitness center and a trailhead leading to a hiking path through nearby Overlook Park and the Chattahoochee River. Andrew Feinberg, David Harte and Marc Schulder of Ackman-Ziff arranged acquisition financing on behalf of the buyers through Synovus Bank. JLL represented the undisclosed seller in the transaction. The new ownership is planning to renovate the property’s interiors and amenity offerings.
TUCKER AND CHAMBLEE, GA. — CPA: 18-Global, W. P. Carey’s non-traded REIT, has acquired a 97 percent interest in two metro Atlanta apartment communities for approximately $46 million. The two properties include the 217-unit Dupont Place Apartments in Tucker and the 227-unit Gentry’s Walk in Chamblee. Co-investment partners Silverpeak Real Estate Partners and Carroll Organization own the remaining interest in the two multifamily assets.
