This Week's Atlanta Deal Sheet
RADCO Cos. has purchased another intown luxe apartment property as part of its Radius brand.
The investor bought Gibson Reynoldstown Apartments, a freshly delivered 205-unit apartment complex with ground-floor retail at 982 Memorial Drive in the Reynoldstown neighborhood in Eastside Atlanta for $69.2M, or some $337K per unit, CEO Norman Radow told Bisnow.
RADCO purchased the property, which has a 10-year tax abatement from the Fulton County Development Authority granted in 2019, from a joint venture between Prestwick Cos. and Urban Realty Partners. The project, delivered in August, is being rebranded as Gibson by Radius.
Cushman & Wakefield Executive Vice Chairman Robert Stickel and Executive Director Alex Brown brokered the transaction. RADCO also bought and rebranded The M by Radius and Radius West Midtown in recent months.
The Gibson is adjacent to the Publix-anchored Madison Yards mixed-use project and two blocks from the Atlanta BeltLine.
SALES
Westmount Realty Capital purchased 5500 Oakbrook, a two-building flex industrial asset totaling 56,600 SF off Oakbrook Parkway in Norcross. Price and seller were not disclosed. According to the Gwinnett County Tax Commissioner's database, the previous owner was TAK Real Estate Investors out of Marietta. The complex had a total assessed value of $3.9M as of this year.
The property is leased to 20 tenants and is fully occupied. Westmount also owns the Plaza 85 and Norcross 85 projects nearby.
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Sedgh Group purchased two suburban Atlanta grocery-anchored centers from Hackney Real Estate Partners: Cherokee Corners in Acworth and Concord Village in Smyrna. The price for the Food Depot-anchored centers was undisclosed, but the Cobb County Board of Tax Assessors appraised the value of the 185,600 SF Concord Village at $3.5M this year, and the Cherokee County Tax Assessor's office valued Cherokee Corners at $8.57M, according to its database.
JLL Retail Capital Markets Investment Sales and Advisory Managing Director Brad Buchanan, Senior Managing Director Jim Hamilton and associate Andrew Kahn brokered the sale.
PERSONNEL
Baltimore-based Continental Realty Corp. has tapped Jennifer Powers as its vice president of capital markets based out of Atlanta to oversee the real estate investment and management company's financing activities. Power, who most recently served as senior vice president at Key Bank, will be based in Atlanta. A graduate of Ashland University, Power has originated more than $20B in corporate financing as a lead lender at Key Bank.
FINANCING
A joint venture of Michaels Development Co., Atlanta Housing, Smith Real Estate Services and Pansophy Capital are set to receive $2M in BeltLine tax allocation district increment funding funding for a new 227-unit apartment complex at 505 Englewood Ave. in the Chosewood Park neighborhood.
The development, which will include 20K SF of commercial space, is expected to deliver in 2025, according to an application made by the developers to Invest Atlanta. The developers plan to reserve 61 units for those earning 80% or less of the area median income, translating into about $1,600 per month.
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Mortgage banking company Bellwether Enterprise Real Estate Capital has closed on a nearly $24M Federal Housing Administration loan to help with its purchase of two retirement communities in the city: Jewish Tower and Zaban Towers, both located off Howell Mill Road.
Jewish Tower is 200 units and eight stories while Zaban Towers has 60 units, according to the application. Both are being marketed as affordable independent living facilities for seniors 62 years old and older.
BWE Senior Vice President Jeff Mion said the interest-only construction loan rate was 3.99%, which is expected to be converted into a 40-year loan at the same rate, according to a press release.
