Grubb Properties Pays Nearly $50M For Memorial Drive Apartments
Grubb Properties is making a nearly $50M bet on multifamily along Memorial Drive in Atlanta.
The Charlotte-based firm purchased The George and The Leonard, two apartment communities totaling 217 units just down the road from the historic Oakland Cemetery. The deal includes 11,500 SF of retail space. Grubb purchased the project from Urban Realty Partners and Case Pomeroy Properties.
Cushman & Wakefield vice chairmen Mike Kemether and Robert Stickel as well as Managing Director Alex Brown brokered the sale. Memorial Drive has been one of Downtown Atlanta's main corridors to experience a rejuvenation of new development. It helps that the properties sit directly along the BeltLine.
“Urban Realty Partners has a deep understanding of Atlanta’s evolving intown submarkets and were the first to develop on Memorial Drive,” Brown said in a release. “They were able to capitalize on their vision as the submarket grew around them. Grubb Properties saw an opportunity to acquire these two assets and make thoughtful improvements that will boost income while offering rents that are well below new construction.”
