This Week's Atlanta Deal Sheet: California Investor Pays Big Premium For Duluth Apartments
A California real estate investor purchased an apartment complex in the affluent Duluth community more than 25 miles north of Atlanta for a $44M premium over the previous owner’s purchase price.
Olen Properties bought The Reserve at Sugarloaf, a 333-unit apartment complex off Meadow Church Road in Duluth, from New York Life Real Estate Investors for $91M. The sale comes 10 years after New York Life purchased the complex for $47M, according to Gwinnett County records.
Cushman & Wakefield Executive Vice Chairman Robert Stickel, Executive Managing Director Alex Brown and Directors Ashlyn Warren and Wesley Lacefield brokered the sale for New York Life.
SALES
Octave Holdings and Investments purchased Lakeland Plaza, a 302K SF Sprouts Farmers Market-anchored shopping center off Georgia 400 in Cumming. The seller and price were not disclosed, but Forsyth County records indicate the property was sold by New Market Cumming for $11.6M. According to Georgia Secretary of State records, the address for New Market is attached to Chicago-based Revantage, a Blackstone real estate services company. Revantage purchased Lakeland Plaza — which includes Belk, LA Fitness, Joann Fabrics and Shoe Gallery in its tenant roster — for $45.2M in 2016, according to county records.
JLL Senior Managing Director Jim Hamilton, Managing Director Brad Buchanan and associate Andrew Kahn brokered the sale.
PERSONNEL
Hospitality research firm RM Woodworth & Associates promoted Jeremy Gilston to vice president, tasked with overseeing strategic initiatives for the company.
A graduate of Cornell University’s School of Hotel Administration and Georgetown University, Gilston most recently worked as a portfolio manager for Brookfield Asset Managements’s 111-hotel extended-stay brand, Brookwood Hotels.
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Hospitality Ventures Management Group has named Bryan Gatzemeyer as its vice president of business intelligence. Gatzemeyer will lead HVMG’s data and analytics platform.
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Peachtree Hospitality Management appointed Caroline Royster as vice president of business development, tasked with growing the firm’s third-party management business. Royster, who most recently worked with RM Woodworth & Associates, graduated from both Florida International University and Bucknell University.
DEVELOPMENT
Wood Partners broke ground on The Beverly by Alta, a 291-unit luxury apartment complex off 3314 Piedmont Road in Buckhead. The project is expected to deliver next year with pre-leasing beginning by the end of 2023.
