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312-unit Grove Park Apartments Sold

3 Feb 2014, 9:39 am

By Balazs Szekely, Associate Editor

PointOne Holdings recently acquired the 312-unit Grove Park Apartments community located in Metro Atlanta. The transaction is worth $12.75 million and marks the company’s sixth commercial acquisition in the past 1.5 years.

PointOne Holdings is an investment and operating platform with offices in Atlanta and South Florida, involved mainly in value-add multifamily residential and commercial real estate projects throughout the southeastern United States. The principals of PointOne have collectively owned and operated more than 9,000 multifamily apartment units and more than two million square feet of commercial property. Their current portfolio of residential, commercial and hospitality assets is valued at more than $150 million.

Built in 1990, Grove Park is a garden style B-Class multifamily rental community in the city of Norcross, Northeast Atlanta, close to surrounding area employers and amenities. The location provides direct access to Interstate 85 allowing for convenience to both Metro and Downtown Atlanta. It also has direct access to public transportation with a bus stop right at the entrance to the property. Community amenities include a leasing office/clubhouse with fitness center and indoor racquetball court, swimming pool with sundeck, controlled access, availability of garages, lighted tennis court, children’s playground, and laundry facilities. Units come in a range of one-to-three bedroom floor plans and include walk-in closets, fully equipped kitchens, private balconies/patios, washer/dryer connections, in addition to fireplaces/sunrooms/vaulted ceilings in select units.

The new owners plan to invest more than $2.5 million in capital improvements and the renovation plan includes exterior and interior upgrades alike.  Siding replacement and mechanical/plumbing enhancements will be carried out as major parts of the renovation. A new business center, a dog park, security cameras and outdoor BBQ will also be added to the range of amenities.

The property was acquired via auction.com from special servicer CW Capital. The acquisition and renovation financing was provided by A10 Capital.

Photo credits: PointOne Holdings



Buckhead Tower Earns LEED Gold Certification

3 Feb 2014, 9:18 am

By Balazs Szekely, Associate Editor

Another Parmenter Realty Partners office building recently earned the LEED Gold Certification for Existing Buildings. The company’s array of LEED certified buildings broadened with Buckhead Tower at Lenox Square in January. Around the end of last year, two other properties owned and managed by Parmenter also received the distinction. Brookhollow Central II and III are located in Houston.

Buckhead Tower at Lenox Square is a 348,152 square-foot multi-tenant Class A office building, the office component of a mixed-use development including Lenox Square Mall and the J. W. Marriott Hotel. In order to meet LEED Gold standards, a comprehensive re-commissioning program has been implemented. Among other improvements, performance of the building’s lighting and HVAC system has been optimized, thus enhancing the building’s comfort and reducing its ecological footprint.

Headquartered in Miami, the real estate investment, management and development company operates a series of institutional investment funds across the southeast, southwest and in DC Metro, with regional offices situated in Washington, D.C., Dallas and Atlanta. With the addition of the Atlanta and Houston properties, Parmenter now owns and manages twelve LEED certified buildings, totaling around 4.6 million square feet. 13 of the firm’s buildings are Energy Star labeled, 12 have been awarded the BOMA 360 designation, and many more have recieved the TOBY award too.

Andrew Weiss, Managing Principal & Chief Operating Officer at Parmenter Realty Partners told the press that the company aims to have all of its properties LEED certified and encourages its staff and clientele as well to lead a more eco-friendly lifestyle.

“We have ongoing training programs to educate and raise environmental awareness among our employees and the tenants we serve,” he says.

Photo credits: Parmenter Realty Partners



Oak Coast Buys Multifamily Asset in Duluth

20 Jan 2014, 7:13 am

By Balazs Szekely, Associate Editor

Oak Coast Properties and Investors Management Group announced the acquisition of Promenade at Berkeley on January 14. Located in Duluth, Ga., the 492-unit apartment community was sold for $33.7 million by Northwoods Lake Partners LLC.

Built in 1986, the community features 130 one-bedroom and 362 two-bedroom apartments. Residents are granted access to a business center, a car care center, a dog park, enjoy a private lake with fountains, while the community’s two tennis courts, fitness center, walking trails and playgrounds contribute to a healthy lifestyle.

The previous owner commenced significant renovations ten years ago that were finished in 2009 and now Oak Coast Properties and IMG plan further property upgrades. With works starting in early 2014, the extensive renewal will include structural repairs, interior improvements in the community areas as well as in the apartments themselves, and an exterior facelift too. Plans involve enhancing the painting, sidewalks, railing, roofs, gutters, windows and doors, plumbing, heating, pavement, heating systems, and HVAC units. Additional upgrades will be made to the parking lot, fitness center, business center, tennis courts, dog park, pool and spa, lighting, security cameras, signage, landscaping and outdoor BBQs.

Situated just outside of Atlanta in Gwinnett County’s Duluth submarket, the Promenade at Berkeley offers easy access to major employment hubs like the area’s high-tech and bioscience industries. Work centers, a variety of entertainment amenities, restaurants and other retail venues are accessible via Interstate 85 and freeway nr 285.

Photo credits: Oak Coast Properties



Kana Hotel Group to Manage Hilton Garden Inn Hotel in Lithia Springs

13 Jan 2014, 8:31 pm

By Balazs Szekely, Associate Editor

Kana Hotel Group has recently been awarded the management contract for Hilton Garden Inn Atlanta West / Lithia Springs.

Based in Knoxville, Tenn., Kana is an award winning independent company involved mainly in hotel development and management. Their portfolio includes 35 premium branded hotels with a total of more than 3,800 rooms across the United States. The firm represents trademarks such as Embassy Suites, Hilton Garden Inn, Hampton Inn & Suites, Homewood Suites, Springhill Suites by Marriott, Staybridge Suites and Holiday Inn Express. Twenty seven facilities in Kana’s portfolio are Hilton branded, including nine Hilton Garden Inns. Kana president Kevin Mahoney announced that the company has a tenth property in the pipeline for this year.

The new addition is located at 110 Interstate West Parkway – fifteen miles from Atlanta’s Hartsfield-Jackson International Airport. The hotel is in close proximity to popular attractions such as the New World of Coca Cola, the Georgia Aquarium and the Six Flags over Georgia theme park. It also offers easy access to many local businesses and other commercial destinations. The asset features 2,600 square feet of meeting space, an elegant ball room, a fitness center with a half indoor half outdoor pool and complimentary WiFi in all guest rooms and suites. A 24-hour business center, a restaurant, and a Pavilion Lounge are also at guests’ service.

“We’re happy to add this Hilton Garden to our portfolio,” says Kana Hotel Group CEO, Alpesh Patel. “It’s a great asset in a great location and will fit very nicely with another Hilton branded Hotel in the market which we will soon be bringing under our management.”

Photo credits: Hilton Garden Inn

 



FrontDoor Adds CopperLeaf Community in Cobb County

20 Dec 2013, 11:02 pm

By Balazs Szekely, Associate Editor

FrontDoor Communities further expands its presence in Georgia by building a new neighborhood in Cobb County. The new 24-unit community will be called CopperLeaf and will feature five floor plans, from 2,800 to 4,000 square feet.

The company focuses on urban and suburban infill, community development and homebuilding. Launched by experienced veterans with over 25 years of experience in the home building industry, FrontDoor has already delivered two communities in Georgia, two in Florida and three in South Carolina.

CopperLeaf will be built in West Cobb County, close to Stilesboro Road’s intersection with Barrett Parkway, at a location that offers convenient access to shopping, recreational destinations and schools alike. Hayes Elementary School, Pine Mountain Middle School and the top-rated Kennesaw Mountain High School are all in close proximity. Eric White, the company’s division vice president said, FrontDoor recognized that proximity to schools is among the priorities when it comes to young families.

“The proximity to and quality of schools nearby only adds to the value of the homes and enriches the community as a whole,” he says.

All homes will offer three-car garages with side entries, basements and spacious plots of at least 20,000 square feet, all consistent with FrontDoor’s signature architectural style.  

“Our priority at FrontDoor communities is to build better homes through quality design, and we are very excited to be in a position to bring the FrontDoor lifestyle to another area in Georgia,” White added.

With construction starting in early 2014 and delivery expected by late summer, prices for the homes will start in the low $400,000s.



South Atlanta’s first Staybridge Suites Hotel Opens

20 Dec 2013, 10:54 pm

By Balazs Szekely, Associate Editor

InterContinental Hotels Group announced the opening of their latest Staybridge Suites location in the Atlanta Metro Area. The company has previously launched seven Staybridge Suites hotels in the state, three of which are located in Metro Atlanta. An additional location in the Atlanta area awaits delivery and this makes the brand one of the paramount extended stay trademarks in Georgia.

Staybridge Suites Atlanta Airport Hotel is just minutes away from one of the world’s busiest airfields, Hartsfield–Jackson Atlanta International Airport and also within a short driving distance of Downtown Atlanta, offering easy access to attractions such as World of Coca-Cola, the Georgia Aquarium, Centennial Park and the CNN Center. As far as business is concerned, the hotel is conveniently located near various corporate offices, with the new North American headquarters for Porsche at close quarters.

A total of 149 studio, one-bedroom and two-bedroom-two-bath suites are at guests’ disposal, all of them including flat screen TVs with DVD/CD players, kitchens equipped with a number of appliances, etc. Separate work area with speaker phones and personal voice mail are also available during the stay. The hotel features more than 4,500-square-feet of flexible meeting space that is distributed across five meeting rooms that can seat up to 60 and an additional one on the lobby level that can accommodate up to 100. Further amenities include wireless internet connection, a laundry room, a fitness room, a sport court, a 24-hour business center, a guest library with books and games, as well as a 24-hour convenience store.  The new location also includes the brand’s freshly introduced Outdoor Living Room, an open air place for guests to relax and interact. The Social evening receptions are organized three days a week, which offer complimentary refreshments and customizable entrees in The Great Room.

Owned and operated by Apsilon Management Atlanta LLC, the new seven-story property is franchised by an affiliate of IHG. While Apsilon has three other IHG-branded hotels, this is their first Staybridge Suites hotel.

Photo credits: InterContinental Hotels Group

 

Photo credits: InterContinental Hotels Group



Connecture Signs 28.3 KSF Class-A Office Lease at 55 Allen Plaza

9 Dec 2013, 7:45 pm

By Balazs Szekely, Associate Editor

A full story will fill in at 55 Allen Plaza as Connecture Inc. signs an 11-year lease of 28,299 square feet of office space in the building that has reached an occupancy rate of 93 percent. Lincoln Property Company Southeast’s Tony Bartlett and Andy Sumlin of Cushman & Wakefield represented the landlord and Carla Williams and Jeff Samaras of Cushman & Wakefield spoke for the tenant in the transaction.

Connecture provides Web-based information systems used to create health insurance exchanges. The company will occupy the entire fourth floor of the Class-A, 350,000-square-foot office tower. Cushman & Wakefield is also a longtime tenant of the building and the Atlanta office of the firm co-markets and leases the building with Lincoln. The building is located on the northern edge of downtown Atlanta, next to Downtown Connector, and it is surrounded by an assortment of enticements including restaurants, the W-Atlanta Downtown Hotel & Residences, retail and Centennial Olympic Park. Lincoln now offers three speculative-suites as well. The 8,000 square feet allow 55 Allen Plaza to offer small suites to tenants for the first period and allow them to immediately visualize their operation in a finished space.  The spaces offer high-end finishes, open ceilings, polished concrete floors and designer lighting.

55 Allen Plaza achieved LEED Gold Certification last year and was recognized in July of this year by the Atlanta Better Buildings Challenge for achieving a 20 percent reduction in energy and water consumption. The building also holds the BOMA 360 Performance Building title as recognition of building operations and management quality. Less than 50 buildings in Georgia have earned the designation.

“I could not be prouder of the effort our team has put into 55 Allen Plaza and of the results we have achieved,” says Tony Bartlett. “The advances have been remarkable, and 55 Allen is undoubtedly a best-in-class asset within the Downtown and Midtown office market.”

Current tenants of the building include Doner Partners, Fogle Law Firm and Ernst & Young, Bread Box, Carlyle’s Catering Skanska and the design firm ASD. In 2013 alone, leasing efforts have resulted in more than 53,000 square feet of leases.

Photo credits: Lincoln Property Company Southeast



Cobb County Approves Home of the Braves

2 Dec 2013, 10:05 pm

By Balazs Szekely, Associate Editor

The Cobb County Commission gave a green light to the Atlanta Braves stadium plans, signing a Memorandum of Understanding with the team at its meeting on Tuesday, Nov. 26. The arena is only the jewel in the crown as it will be surrounded by a mixed-use development including between 700,000 and 1 million square feet of retail, restaurant, residential, hotel and office space – all privately funded 100 percent by the Braves, and other private partners.

The team took on 55 percent of the total costs, around $372 million in both upfront costs and yearly payments. The rest will be supported by local contributions.

“We are grateful to the citizens of Cobb County and the leadership in the community who have worked tirelessly to bring this to fruition,” says Atlanta Braves President, John Schuerholz. “I truly believe that this partnership will yield what will become one of the finest baseball and entertainment facilities in the country.”

The design and construction will be managed by the Braves organization. Their responsibility extends to eventual cost overruns during construction, and also for all operating expenses of the stadium. Cobb County will be partially responsible for the Stadium’s capital maintenance expenses. The arena will be owned by the Cobb-Marietta Coliseum and Exhibit Hall Authority, current owner of the Cobb Galleria Centre and Cobb Energy Performing Arts Centre.

The agreement with the county facilitates the new baseball stadium to open its gates by the 2017 season with fieldwork starting in the second half of next year. The Braves’ lease at Turner Field, which is owned by the City of Atlanta, Fulton County and the Atlanta-Fulton County Recreation Authority, ends at the conclusion of 2016. The development is expected to bring more than 5,200 jobs to Atlanta during the construction and a staff of around 3,000 will also be needed after delivery. More than $235 million has been allocated for temporary jobs and annual earnings of the organization’s permanent staff will total around $35.8 million.

The stadium and development near Cumberland Mall will be easily accessible on the Perimeter, Interstate 75, as well as Cobb Parkway.

Photo credits: Atlanta Braves

 



Crescent Brings 256 Luxury Apartments to Howell Mill Road

27 Nov 2013, 4:06 am

By Balazs Szekely, Associate Editor

Crescent Howell Mill, a $47 million, 256-unit luxury community is officially on its way to bringing the apartment market in the area between Atlanta’s Buckhead and Midtown districts to boil.

The developer, Crescent Communities, expects the mixed-use project to help create a new residence and lifestyle destination to the neighborhood. The groundbreaking ceremony was held Tuesday, Nov. 19 and the community will expectedly open its doors in spring 2015.

The development is financed by Capital One and Nationwide loans along with equity from Crescent Communities. DPR Hardin Construction is entrusted with building operations, while the design team includes The Preston Partnership, Historical Concepts and Southern Civil Engineers, Inc. from Atlanta, as well as two Charlotte-based firms, LandDesign and Vignette Interior Design.

The building will resemble an old textile mill, complementing the design of the mixed-use community. The project is the residential component of an 8 acre mixed-use development including shops and three boutique restaurants with garden courtyards around a cobblestoned entry drive, completed by Healey Weatherholtz Properties.

Additional phases will focus on fashion, home furnishings, and additional food and beverage. Crescent Howell Mill will be built on 2.2 acres of land at the corner of Howell Mill Road NW and Collier Road near Interstate 75. Future residents can choose from studios and one- or two-bedroom units. The interior design will include stainless steel appliances, granite countertops and designer light fixtures. Tenants of the five-story building will enjoy the benefits of an athletic club, a saltwater pool with sun deck, an outdoor kitchen with grilling stations, fire pit social deck and a dog walk park.

Residents will have a direct drive to Midtown and Downtown and will be within close proximity to retail, entertainment and dining options. Crescent Howell Mill is the company’s second multifamily development in Atlanta. Crescent Terminus in Buckhead is expected to open in March 2014.

Image courtesy of Crescent Communities

 



Parkway Properties Takes Ownership of 7000 Central Park

19 Nov 2013, 4:46 pm

By Balazs Szekely, Associate Editor

7000 Central Park in Atlanta changed hands on Nov. 5, as the joint venture Parkway Properties Inc.  entered has recently foreclosed on the asset and taken ownership of the property, Parkway announced. The mortgage note secured by the office tower cost the partnership just less than $57 million due to a 13 percent discount from its outstanding balance of $65 million. Transaction costs raised the sum by an additional $318,000. The former owner acquired the building for $79.5 million in late June, 2007.

Earlier in November, Parkway announced that it had acquired a 40 percent common equity interest in the mortgage note in question for $8 million. The company also invested around $37 million for a preferred equity interest in the joint venture, adding up to a total share of around $45 million. The joint venture intends to place secured financing on the asset, the proceeds of which will be used to repay in part Parkway’s preferred equity investment.

The 18-story, 415,000-square-foot, Class A office tower is located in the Central Perimeter of Atlanta. Built in 1988, it includes a parking garage and a fitness club of 7,000 square feet among several other amenities. The property is currently 77.5 percent occupied and is expected to generate initial full-year cash net operating income yield of approximately 5 percent.

Parkway already owns two properties in the Central Perimeter submarket, the 438,000-square-foot Two Ravinia and the 370,000-square-foot Peachtree Dunwoody Pavilion. Beside its massive investments in the Central Perimeter area, Parkway also focuses on every major submarket, as the company owns or has interest in 16 properties across Atlanta totaling more than 5.5 million square feet.

Photo Credits: Parkway Properties







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