Origin Investments Acquires New Apartment Community in Atlanta for $50.3M
ATLANTA — Origin Investments has acquired 675 North Highland Avenue, a 125-unit multifamily community located in Atlanta’s Poncey -Highland neighborhood. The sales price was undisclosed, but a source familiar with the transaction says Origin purchased the property for roughly $50.3 million. Atlanta-based Abraham Properties, the property’s developer, sold the property. Christopher Spain and Alex Brown of Cushman & Wakefield brokered the sale, and Mike Ryan and Richard Henry of Cushman & Wakefield arranged acquisition financing on behalf of Origin. The first phase of 675 North Highland was completed in 2016 and features a mix of one-, two- and three-bedroom units that average more than 1,000 square feet. Community amenities include a fitness center, clubroom, package concierge system, pool deck, bocce ball court and grilling stations. The community was 96 percent occupied at the time of sale. In addition, the property includes 20,000 square feet of ground floor retail space and an adjacent land site for development. At the time of sale, the retail portion was 82 percent leased to CO Sushi and Noodles, Ganek and Vita-Flo.
Origin will break ground on Phase II of the project in early December. JM Wilkerson will serve as the project’s general contractor, and Brock Hudgins will be the architect. The new building will offer 39 units averaging 630 square feet and include 9,400 square feet of creative office space. The second phase is slated for completion by the end of 2018. Stream Realty Partners will manage the commercial component of the project, and CF Real Estate Services will lease and manage the residential portion.