This Week's Atlanta Deal Sheet: Novel Midtown Sells In Biggest Multifamily Deal Of The Year
A California investor paid the city's highest price tag for an apartment tower this year with a purchase in the heart of Midtown.
Goldrich Kest purchased Novel Midtown, a 14-story, 340-unit apartment tower in Midtown Atlanta, from Crescent Communities for $151M, CoStar reported. The price means that Goldrich Kest — which owns other apartment properties in Metro Atlanta — paid more than $400K per unit, the Atlanta Business Chronicle reported.
Crescent broke ground on Novel Midtown in 2019 and delivered it in 2022. It is next door to Greenstone Properties' 14th + Spring mixed-use office tower.
Fannie Mae financed the acquisition with a $77M loan that matures in December 2030, the ABC reported, citing deed records. Goldrich Kest also owns CB Lofts on Cheshire Bridge Road and the Ardmore & Twenty Eighth apartments, according to the ABC.
SALES
Stonebridge Hospitality Management purchased the W Hotel Atlanta Downtown for $24.8M, helping the previous owner, Ashford Hospitality Trust, avoid foreclosure, Atlanta Business Chronicle reported. The 237-room hotel that lords over the Downtown Interstate 85/75 Connector was bought by Ashford in 2015 for less than half the price Stonebridge paid.
The sale was part of a five-property package sold by Ashford to Stonebridge that included hotel properties in Phoenix and Research Triangle, North Carolina.
DEVELOPMENT
Imperium Development and BCDC have entered into a joint venture to develop a 229-unit apartment community off 2800 Frontage Road in Oakwood, a city some 50 miles north of Downtown Atlanta.
The project, funded by a construction loan from SeaCoast Bank and preferred equity from Stockbridge Captial Group, is expected to deliver in the third quarter of 2025.
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DC Blox announced plans on Dec. 12 for a 750K SF, 216-megawatt data center campus in Conyers for an unnamed hyperscale user. The project will include two data center buildings and a substation and is set to deliver in the fourth quarter of 2025.
PERSONNEL
Swinerton promoted Rashad Morton to project executive and part of the firm’s regional healthcare team out of Atlanta. Morton is coming from Swinerton’s Los Angeles office, where he worked since joining the firm in 2017 as a senior project manager, according to a press release. Morton also worked at McCarthy Building Cos. for 13 years.
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Casey Keitchen and Art Waldrop have joined Newmark’s Atlanta office as senior managing directors after serving as capital markets principals in the local office of Avison Young.
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John O’Neill left Cushman & Wakefield late last month as its U.S. multifamily capital market leader. O’Neill, who joined the firm in 2003, previously led Cushman & Wakefield’s Atlanta office, replacing Mike Elting, and headed up brokerage operations in the Southeast, South Central and Central regions.
LEASES
ABB renewed and contracted its lease to 12K SF at Parkwood Point, a 220K SF office building at 2018 Powers Ferry Road in the Cumberland/Galleria submarket.
Stream Realty Partners Managing Director Peter McGuone and Vice President Parker Welton brokered the deal for the landlord, Vancouver-based Balfour Pacific Capital. JLL Executive Managing Director Josh Hirsh represented the tenant.
Calibration technology company Beamex also inked an 11K SF lease at the building. Savills Corporate Managing Director Steven Bates represented Beamex.
