Sunday, June 8, 2025
Read the Digital Magazines Subscribe to the Magazines
Subscribe

Georgia

The Spoke at Peachtree Corners
AcquisitionsDevelopmentGeorgiaHospitalitySoutheast

Blaze, Argosy Acquire Hotel Property in Metro Atlanta, Plan for Multifamily Conversion

by Julia Sanders

PEACHTREE CORNERS, GA. — Charleston-based Blaze Capital Partners and joint venture partner Philadelphia-based Argosy Real Estate Partners have acquired The Spoke at Peachtree Corners, an extended-stay hotel in Peachtree Corners, about 21.9 miles north of downtown Atlanta. The two firms plan to convert the hotel property into a tech-oriented multifamily community, as well as plan to invest in interior and exterior capital improvements. The sales price and seller were not disclosed. Originally built as a hotel in 1989, The Spoke at Peachtree Corners has recently undergone property upgrades, including a remodeled clubhouse, gym, sports court and pool area. The unit interiors have also been modernized and currently feature hard surface countertops, stainless steel appliances and updated lighting fixtures. Located at 450 Technology Parkway NW, the property is situated northeast of Atlanta adjacent to the Atlanta TechPark, an office park housing more than 100 tenants. Blaze Capital and Argosy will complete interior upgrades at the property, including smart-home and technology-based work-from-home amenity space. The two firms will also complete exterior upgrades, including remodeling the clubhouse and leasing office, establishing upgraded and rebranded signage, converting the existing basketball court to outdoor amenity space, expanding the existing common laundry facility and painting the …

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsGeorgiaMultifamilySoutheast

Berkadia Brokers Sales of Two Multifamily Properties in Metro Atlanta Totaling $108.5M

by Julia Sanders

RIVERDALE AND LITHONIA, GA. — Berkadia has arranged the $108.5 million in combined sales of Legacy at Riverdale and The Quarry, two garden-style multifamily properties located in Riverdale and Lithonia, respectively. Matt White, Paul Vetter, Andrew Mays and Judy MacManus of Berkadia completed the sale of Legacy at Riverdale on behalf of the West Coast-based seller. The buyer was based in the Midwest. The same Berkadia team also completed the sale of The Quarry on behalf of the Midwest-based seller. The buyer was based on the West Coast. Located at 6603 Church St. in Riverdale, Legacy at Riverdale offers studio, one-, two- and three-bedroom floorplans. The property is situated 2.1 miles from Southern Regional Medical Center and 14.3 miles from downtown Atlanta. Located at 421 Meadowood Drive in Lithonia, The Quarry offers two- and three-bedroom floor plans that average nearly 1,250 square feet in size. Community amenities include a swimming pool, fitness center, business center, clubhouse, laundry facilities and a playground. The property is situated 2.1 miles from Emory Hillandale Hospital and nearby retailers such as The Home Depot and Publix.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsGeorgiaIndustrialSoutheast

JLL Income Property Trust Acquires Four-Building Industrial Portfolio in Metro Atlanta for $95M

by Julia Sanders

BUFORD, GA. — JLL Income Property Trust has acquired Friendship Distribution Center, a newly constructed, four-building industrial portfolio in Buford totaling nearly 650,000 square feet. The sales price was $95 million. The seller was not disclosed. The four buildings at Friendship Distribution Center are located at 4651, 4627, 4630 and 4646 Distribution Parkway, and are situated about 1.7 miles from Interstate 985. The portfolio is located about 40.7 miles north of downtown Atlanta in Gwinnett County. Friendship Distribution Center was 96 percent leased at the time of sale to five tenants, with a weighted average lease term of approximately six years. The five tenants were not disclosed.

Continue Reading
FacebookTwitterLinkedinEmail
Affordable HousingDevelopmentGeorgiaLoansMultifamilySoutheast

Atlanta Housing Secures Financing for $43.6M Affordable Development in Reynoldstown Neighborhood

by Julia Sanders

ATLANTA — The Housing Authority of the City of Atlanta (Atlanta Housing) has secured financing for Madison Reynoldstown, a $43.6 million multifamily development with 116 rental units that are 100 percent affordable — meaning that rental rates will be equal to or less than 30 percent of tenants’ monthly income compared to the area median income (AMI). Atlanta BeltLine Inc., the governing authority overseeing the planning and development of the Atlanta BeltLine, sold the 1.2-acre site to Atlanta Housing and Rea Ventures, an Atlanta-based multifamily development firm, for the development. Construction is expected to start soon, with the project slated for completion within 18 months. Madison Reynoldstown will include a mixture of 71 one-bed/one-bath, 36 two-bed/two-bath and nine three-bed/two-bath units in two midrise elevator buildings atop 162 structured parking spaces. The development will also include approximately 2,700 square feet of commercial space. Community amenities will include a roof deck overlooking the Atlanta BeltLine’s Eastside Trail, business center, common community rooms, fitness center, central laundry facility and public transportation access. The affordable housing development will house working families earning up to 80 percent of AMI. Located at the northeast corner of Memorial Drive and Chester Avenue, Madison Reynoldstown is situated near …

Continue Reading
FacebookTwitterLinkedinEmail
Conference CoverageFeaturesGeorgiaMultifamilySoutheastSoutheast Feature Archive

Capital Chases Southeast Multifamily Sector, Says InterFace Panel

by Kristin Harlow

ATLANTA — This year marked a golden age in terms of operating or selling multifamily properties, according to Alan Dean, region president of Terwilliger Pappas, a development firm with four offices in the Southeast. But given the rising costs associated with land acquisition, materials and labor, the challenge has been putting together new deals. “Anyone that got deals done shortly after COVID hit, those deals are going to be very valuable because they’re going to be opening up with less competition on lease-up,” said Dean. Dean’s comments came during a panel entitled “What’s the Outlook for Development in 2022?” at the 12th annual InterFace Multifamily Southeast conference. The event, which took place Thursday, Dec. 2 at the Westin Buckhead hotel in Atlanta, drew more than 300 industry professionals. Joining Dean on the panel were Jay Curran, president of Charlotte, N.C.-based Crescent Communities; Woody Rupp, chief investment officer of Atlanta-based Brand Properties; Harvey Wadsworth, managing director of Atlanta-based Portman Residential; and Justin Weintraub, principal and chief development officer of Birmingham, Ala.-based Daniel Corp. Robert Stickel, executive vice chair with Cushman & Wakefield in Atlanta, moderated the panel. High prices for dirt, long entitlement processes and increased competition in the marketplace have …

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsCompany NewsGeorgiaMultifamilySoutheast

Asset Living Acquires JMG Realty, Adding 20,000 Multifamily Units to Management Portfolio

by Julia Sanders

HOUSTON AND ATLANTA — Asset Living, a Houston-based real estate property management firm, has acquired JMG Realty, an Atlanta-based real estate firm. The sales price was not disclosed. With the addition of JMG, Asset Living expands its management footprint into the Southeast by adding over 20,000 multifamily units and a new corporate office in Atlanta. With over 20 years of experience and approximately 575 employees, JMG Realty brings expertise in management, redevelopment, financial and investment services for multifamily, affordable and build-to-rent properties servicing both private and institutional owners. The company has both regional and divisional offices located throughout the Northeast, Mid-Atlantic, Southeast and Southwest. The transaction is the second acquisition for Asset Living this year, with the company acquiring Dallas-based City Gate Property Group in November. Last year, Asset Living acquired three organizations.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsGeorgiaMultifamilySoutheast

Carroll Acquires Two Multifamily Properties in Atlanta for $175M

by Julia Sanders

ATLANTA — Atlanta-based Carroll has acquired two new multifamily properties in northeast Atlanta called The Artisan and Berkshires at Lenox Park for a combined purchase price of $175 million. Carroll paid $245,000 per unit with a total of 715 units between the two properties, according to the Atlanta Business Chronicle. The seller(s) was not disclosed. Both properties were acquired through Carroll’s institutional investment vehicle, Carroll Multifamily Venture VI LP. The Artisan and Berkshires at Lenox Park will also be managed by Carroll. Ashish Cholia, Colleen Hendrix, Don Hoffman and Shea Campbell of CBRE represented the seller of Berkshires at Lenox Park. The Artisan, which will rebranded as Arium Peachtree Creek, is a 340-unit garden-style community located off Interstate 85 and near Buford Highway. Located at 3001 Northeast Expy, the Artisan is 11.8 miles from downtown Atlanta. The property offers one-, two- and three-bedroom floorplans with walk-in closets, hardwood floors and in-unit washer and dryers. Community amenities include a pool, fitness center and a community business center. Berkshires at Lenox Park, which will be rebranded as Arium Lenox Park, is a 375-unit property located at the intersection of the Atlanta neighborhoods of Brookhaven and Buckhead. The property offers one-, two- and …

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentGeorgiaMixed-UseSoutheast

Georgetown, RocaPoint to Develop 1 MSF Mixed-Use Project in Atlanta’s Central Perimeter District

by John Nelson

ATLANTA — New York City-based The Georgetown Co. and affiliates of Atlanta-based RocaPoint Partners plan to co-develop Campus 244, a mixed-use development in Atlanta’s Central Perimeter submarket that will exceed 1 million square feet in size. Situated on 12.8 acres near the Dunwoody MARTA station, the first phase of Campus 244 will include an adaptive reuse of an existing office building into a five-story, 400,000-square-foot building. The office building formerly was the headquarters of Gold Kist, a chicken producing company. Building features include 15-foot ceilings, private outdoor terraces, balcony space and 90,000-square-foot floor plates. Additionally, the building has amenities focused on health and wellness, such as HVAC systems, touchless elevator and restroom technologies, open staircases and operable windows. In addition to the adaptive reuse office building, the first phase will include a 145-room Element Hotel, which is part of Marriott International’s Bonvoy portfolio of 30 brands. The hotel will feature a lobby bar, greenspace and areas to gather for meetings, remote work and collaboration. The Campus 244 property will also have 25,000 square feet of restaurant space. S9 Architecture, the architectural firm responsible for the adaptive reuse design of Ponce City Market in Atlanta’s Old Fourth Ward district, will handle …

Continue Reading
FacebookTwitterLinkedinEmail
Conference CoverageFeaturesGeorgiaMultifamilySoutheastSoutheast Feature Archive

Rapid Rent Growth Spurs Wave of Multifamily Investment Sales, Says InterFace Panel

by John Nelson

ATLANTA — The third quarter of 2021 was the most prolific quarter on record for U.S. multifamily investment sales, according to Real Capital Analytics (RCA). Apartment sales volume totaled $78.7 billion for the quarter, a 192 percent increase from third-quarter 2020 and a 59 percent jump from third-quarter 2019. RCA data shows that the dollar amount of assets traded this past quarter exceeded the average annual sales from the period 2008 through 2011. James Mehalso, managing director of transactions for PGIM Real Estate, expects his firm to keep its foot on the gas for next year on both the acquisitions and sales side for multifamily assets. “The rental market is hot,” said Mehalso. “We don’t see it really changing much in 2022, at least in the first six months.” Mehalso’s comments came Thursday, Dec. 2, during a panel discussion as part of the 12th annual InterFace Multifamily Southeast conference hosted by France Media and the InterFace Conference Group at the Westin Buckhead in Atlanta. Moderated by Paul Berry, vice chairman of CBRE, the panel was titled, “After a Wild 2021, What’s the Investment Market Outlook for 2022?” The event, which attracted more than 300 industry professionals, marked the return of …

Continue Reading
FacebookTwitterLinkedinEmail
Condor
AcquisitionsGeorgiaHospitalitySoutheast

Hodges Ward Elliott Arranges $305M Sale of Condor Hospitality Portfolio Across Sun Belt, Kansas

by Julia Sanders

ATLANTA — Atlanta-based Hodges Ward Elliott (HWE) has arranged the $305 million sale of the real estate holdings of Bethesda, Md.-based Condor Hospitality Trust, including a portfolio of 15 select-service hotels located across the Southeast, Texas and Kansas. Daniel Peek, Clint Hodges, John Bourret, Austin Brooks, Mike Tormey and Carolina Bernal of HWE represented Condor Hospitality in the transaction. The buyer was not disclosed. The Condor Hospitality Trust portfolio has an average age of less than 10 years and is affiliated with Marriott, Hilton and IHG brands. The hotel collection spans 1,908 rooms in total. The Texas properties include: Home2 Suites Austin Round Rock in Austin; Residence Inn Austin Airport in Austin; TownePlace Suites Austin Parmer/Tech Ridge in Austin; SpringHill Suites San Antonio Downtown/Riverwalk Area in San Antonio and Fairfield Inn & Suites El Paso Airport in El Paso. The portfolio also comprises hotels in Florida including Hampton Inn & Suites Lake Mary @ Colonial Townpark in Lake Mary; Courtyard Jacksonville Flagler Center in Jacksonville and Home2 Suites Tallahassee State Capitol in Tallahassee. The other properties include Aloft Atlanta Downtown in Atlanta; Hotel Indigo Atlanta Airport – College Park in Atlanta; Home2 Suites Summerville in Summerville, S.C.; Home2 Suites Lexington …

Continue Reading
FacebookTwitterLinkedinEmail
Newer Posts
Older Posts