This Week's Atlanta Deal Sheet: Monday Properties Buys First Atlanta Building
A D.C.-based property investor is making its multifamily debut in Metro Atlanta with a South Fulton apartment complex.
Monday Properties, in partnership with RSN Property Group, bought Villas at Princeton Lakes, a 210-unit apartment community on Fairburn Road near the interchange of Interstates 285 and 20, for $37M from FCP.
The purchase furthers the expansion of Monday’s multifamily portfolio in high-growth markets along the East Coast, the firm said in a release. Monday had been an office developer before expanding to other asset classes.
FCP bought the complex in 2020 for $30M, assuming an existing loan. Cushman & Wakefield’s Travis Presnell and James Wilber brokered the sale.
“Our entry into Atlanta aligns with Monday Properties' strategic vision to target high-growth markets and bring new capital investment to multifamily properties across the Southeast,” Monday Managing Partner Anthony Westreich said in a statement.
Monday plans to embark on a capital improvement strategy on Villas, which was built in 2004, that includes kitchen upgrades to increase the property’s competitive position and improve renter retention. It also may not be the last of Monday’s investments in Metro Atlanta.
“By combining our local market expertise and Monday's proven investment track record in the multifamily sector, we are uniquely positioned to identify and execute on compelling opportunities throughout the Atlanta metro area,” RSN CEO Reed Goossens said in the release.
SALES
Mimms Enterprises purchased North Point Village, a 57K SF shopping center at 7300 North Point Parkway in Alpharetta, from Coro Realty Advisors for $19M. The center’s lineup includes Talbots, Kohler and Learning Express.
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Rahim Charania's Woodvale purchased the Fairfield Inn & Suites Atlanta Buford Mall of Georgia from an unidentified party for an undisclosed sum. Woodvale, which developed and owns Cinelease Studios - Three Ring, plans a full renovation of the 96-room hotel.
Hunter Hotel Advisors’ Lee Hunter and David Perrin brokered the sale.
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A local investor under the moniker PIB Noble Farms purchased the Noble Farms shopping center for $12M from Noro Management. The 42,500 SF strip center at 1105 Peachtree Industrial Blvd. in Suwanee is anchored by Pike Nursery and Aldi. Newmark’s Mark Joines and Drew Fleming brokered the sale.
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Goldman Sachs Alternatives purchased Rockingham Farms Building 9, a 942K SF distribution center at 125 Feldspar Drive in Savannah, from Scannell Properties for $100M. The facility, just 8 miles from the Port of Savannah, is part of the Rockingham Farms Logistics Park.
JLL’s Britton Burdette, Matt Wirth, Dennis Mitchell and Jim Freeman brokered the sale.
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Revesco Properties USA purchased Roswell Village, a 150K SF shopping center in Roswell, from Sterling Organization for an undisclosed sum. The property is anchored by Marshalls, Ross Dress for Less and Starbucks. It is 94% leased.
DEVELOPMENT
The Atlanta BeltLine is spearheading a $270M project at 425 Chappell Road that would include 1,100 residential units, 30% of which would be income-restricted, plus 5K SF of commercial space.
The organization plans to recruit outside developers for the project, which is expected to be completed by 2030.
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CCI Real Estate is set to develop a mixed-use project on the Georgia Tech campus. In partnership with the Georgia Baptist Mission Board, CCI will redevelop the Baptist Collegiate Ministry facility at 740 Techwood Drive. The 64K SF project will transform the property into a 55-room residence with a coffee house and gathering spaces.
ASSIGNMENTS
Building and Land Technology tapped Newmark’s Brad Kirschner, Stewart Thrash, R.J. Zurak and Craig Kalinowski to lease the iconic King and Queen Towers at the 1.4M SF Concourse Corporate Center in Central Perimeter.
The buildings have 150K SF of vacancy, the Atlanta Business Chronicle reports. Regent Partners will remain the asset manager for the complex.
FINANCING
Miami-based Atlantic Pacific Cos. affiliate Blue Atlantic Partners Fund II refinanced seven apartment properties in the Southeast with new five-year, 5.1% fixed-interest loans from Freddie Mac, retiring previous seven-year agency loans worth $191M and set to mature in the next eight months.
The loans include $36.2M for The Atlantic Aerotropolis, a 269-unit apartment complex in Hapeville; $43.2M for Pointe at Preston, a 266-unit apartment community in Alpharetta; and $20.2M for Brookwood Valley, a 240-unit apartment complex at 2036 Peachtree Road in Atlanta.
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BWE’s J. Tyler Blue, Paul Wallace and Ty Blue helped FCA Partners secure $103M in Fannie Mae credit to finance three market-rate apartment complexes in the Southeast, including the 280-unit 131 Ponce building in Atlanta. The loans were five-year, interest-only instruments.
PERSONNEL
Hospitality Ventures Management Group promoted Cory Chambers to executive vice president and chief commercial and analytics officer, tasked with helping hotel managers and owners establish strategies. The firm also promoted Maggie Rosa to vice president of operations.
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Former Capstone Cos. and Franklin Street multifamily broker Jake Reid has joined CBRE as part of its Southeast multifamily team as senior vice president, focused on middle-market apartment sales.
