This Week's Atlanta Deal Sheet
A developer best known for luxury apartment skyscrapers is breaking ground on another suburban apartment community.
Novare Group, in a joint venture with BCDC, has begun construction on a 306-unit luxury apartment project in Sugar Hill, more than 35 miles north of Downtown Atlanta. The project, located on 23 acres off Highway 20 and Stanley Road, is across from the city of Sugar Hill's downtown and The Bowl amphitheater.
The Sugar Hill project is the latest in suburban apartment development by Novare since it delivered SkyHouse Frisco Station in Texas in 2019. Before that, Novare specialized in urban apartment towers and condominiums, including SkyHouse-branded properties in Atlanta, Denver, Orlando, Raleigh and Dallas. Novare completed one of its first suburban projects in 2020 with the delivery of SouthLawn, a 430-unit apartment complex in Downtown Lawrenceville.
The developer is planning a mix of two-story townhouses and traditional apartment units in a gated community that also will sport amenities like a coworking lounge, private garages, a resort-style pool, a game room, a library and outdoor green spaces replete with fire pits, grilling stations and a dog park and spa, according to a press release. The property also will connect to the Sugar Hill Greenway, an 11.5-mile pedestrian path around the city.
Cadence Bank and South State Bank are financing the construction, which is expected to be completed by the fourth quarter of 2023.
SALES
An Atlanta developer purchased 105 acres in LaGrange with plans to transform it into a residential project with 260 garden-style apartments and 470 townhomes. Hamilton LaGrange, controlled by Bryan Flint, purchased the site that was a former golf course from Redrose Holdings for an undisclosed sum.
Bull Realty partner John DeYonker brokered the sale. According to Troup County tax assessor information, the land was valued at $2.89M this past June.
DEVELOPMENTS
Lincoln Property Company Southeast has broken ground on Calhoun 75 Commerce Center, a 404K SF distribution facility off Belwood Road in Gordon County, 70 miles north of Downtown Atlanta along Interstate 75.
The project, which is being leased and developed by Lincoln Senior Vice President Denton Shamburger, Vice President Turner Fortin and associate Colin Beecham, will deliver in the fall of 2023.
LEASES
LaGrange-based microbrewery Wild Leap leased 15,300 SF at 125 Ted Turner Drive in CIM Group's Centennial Yards redevelopment. The planned multilevel taproom is being designed by the architectural firm ASD|SKY and is between Mercedes-Benz Stadium and State Farm Arena.
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Two law firms and a realty company have leased a total of 8K SF at Lenox Center: The Law Offices of Precious Felder for 2,400 SF, Watson Realty Co. with 3K SF and the Gunn Law Firm for 2,450 SF. LPC Southeast Senior Vice President Hunter Henritze, Vice President Matt Fergus and associate Robert deGolian represented the landlord.
According to the database Reonomy, the owner is Merit Life Insurance Co. Sovereign Realty & Management advisor Lentheus Chaney represented Precious Felder; Watson Realty founder Quiana Watson brokered for her office; and Weinstock Realty & Development founder Shaun Weinstock represented Gunn.
FINANCE
Patrician Management refinanced its 232-unit Covington apartment complex known as Leaf Stone Apartments with a more than $25M loan provided by Fannie Mae. The nonrecourse, 10-year fixed-rate loan is being used to pay off an existing CMBS loan. Greystone Managing Director Keith Hires and Director Carter King arranged the financing.
