This Week's Atlanta Deal Sheet
Atlanta-based ECI Group, in a joint venture with Phoenix Capital Partners, has broken ground on Averly East Village, a $101M luxury apartment and townhouse project in Roswell.
The project, which will include 335 apartment units, 74 townhouse units, 75K SF of retail and a central green space with a pavilion, will replace a shuttered Target store and retail shopping center off Holcomb Bridge Road in Roswell. The demolition process has begun.
Other features of the project will include a pool deck with cabanas and two outdoor kitchens, a dog park and spa, a fitness center and outdoor gym, bike storage and a coffee lounge, according to a press release. Averly East Village will be connected to the overall East Village Shopping Center, owned by The Ardent Cos., and next door to The Towns at East Village residential complex.
The project is set to deliver in late 2024.
DEVELOPMENTS
A joint venture of Greenstone Properties and W.H. Gross Construction Co. has been tapped by the city of Kingsland, Georgia, as master developer for a mixed-use amateur sports complex off Interstate 95 near the Georgia-Florida border.
The 440-acre site will include indoor and outdoor sports facilities, a hotel, apartments, single-family houses, an RV park, and retail and restaurants. Greenstone has developed other sports-anchored mixed-use projects, including for the Augusta GreenJackets and the Fort Wayne TinCaps. Greenstone's sister company, Agon Sports, is expected to manage the property and provide booking services for the facilities.
LEASES
Global tax software provider Sovos has leased the 25K SF penthouse floor at Star Metals Office. The 267K SF building is part of the Star Metals District mixed-use project. Sovos is expected to open at Star Metals Office in the last quarter of this year, according to a press release.
ACQUISITIONS
Washington, D.C.-based ASB Real Estate Investments, in a joint venture with RPM Living Investments, purchased The Residences at Vinings Mountain, a 680-unit apartment community in the Vinings neighborhood of Cobb County. This is ASB and RPM's first JV acquisition together.
According to the Cobb County Board of Tax Assessors, the last listed owner of the sprawling apartment complex was San Francisco-based Hamilton Zanze, which purchased The Residences in 2017 for $109M. The current sales price wasn't disclosed.
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Taurus Investment Holdings purchased a 13-building Sun Belt portfolio of warehouses across four cities, including five flex industrial buildings in Atlanta.
Taurus picked up the 539K SF Creekside Distribution Center in East Point, two flex industrial facilities totaling 88K SF at 5875 Peachtree Industrial Blvd. in Norcross, and another two flex properties totaling 100K SF at 5824 and 5834 Peachtree Crossing East, also in Norcross. The overall Taurus portfolio encompasses 1.4M SF in Houston, Tampa, Orlando and Atlanta.
Prices of the assets weren't disclosed, but Creekside's previous owner, Summit Real Estate Group, purchased the facility for $33.5M in 2020, according to Fulton County Board of Assessors data. Summit also purchased 5824 and 5834 Peachtree Crossing in 2019 for $7.2M, according to Gwinnett County Tax Assessor's Office records. Nortech Properties LLC was the last listed owner of 5875 Peachtree Industrial; it purchased the properties for $3.65M in 2021.
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New Jersey-based Brentwood Investment Group purchased Vesta Adams Park, a 298-unit apartment complex at 1991 Delowe Drive in Atlanta, from Middleburg Communities for $42M. Middleburg, which purchased the complex in 2019 when it had 17% occupancy, infused $6M in rehabilitation and sold it at 95% occupancy.
Cushman & Wakefield Executive Director Travis Presnell, Executive Vice Chairman Mike Kemether, senior associate Wesley Lacefield and Director Wesley Kenney brokered the sale.
