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Five Buildings Managed by Cushman & Wakefield in Atlanta’s Buckhead Receive LEED Certification

7 Jun 2014, 12:34 am

By Balazs Szekely, Associate Editor

Located in the Buckhead submarket of Atlanta at 3575 Piedmont Road NE, Piedmont Center North Buildings 1-4 and 15 have earned LEED certification under the USGBC’s Existing Buildings: Operation and Maintenance standard, according to the property manager Cushman & Wakefield’s recent announcement.

The U.S. Green Building Council awarded Building 15 with LEED Silver certification, and Buildings 1-4 have been LEED Certified. The owner, Northwestern Mutual Life Insurance Co. entrusted C&W and engineering consultant Servidyne with the project. The sustainability practices implemented by the teams include a variety of energy- and water-efficiency, waste-reduction, green-cleaning and pest-management measures. Water efficiency efforts are expected to reduce consumption by 1.4 million gallons every year.

The improvements contributing to the LEED certifications of all five buildings include the implementation of eco-friendly landscaping and integrated pest management, installation of low-flow water restrictors on all faucets, and non-sewer water meters for irrigation. Sewage system expenses are eliminated while water irrigation costs are lowered by two-thirds.

Additionally, lighting in the 344,546-square-foot Building 15 and in the elevator cabs are changed to LED fixtures. The smoking area is relocated to an area more suitable for both smoking and non-smoking tenants. Ventilation systems in Buildings 1-4, which total 530,772-square feet, are modified, and the buildings are equipped with water-efficient 0.5 gallon and 1.25 gallon bathroom fixtures at a cost of $105,000. The expenditure is expected to return the investment in less than three years without passing any costs to tenants.

Photo credits: Northwestern Mutual Financial Services

Resource Real Estate-Sponsored REIT Acquires Two Atlanta Communities

31 May 2014, 6:07 am

By Balazs Szekely, Associate Editor

Resource Real Estate recently announced that one of its investment trusts, Resource Real Estate Opportunity REIT Inc., has picked up two residential properties. Both Berkeley Run and Berkeley Trace are located in the residential submarket along Glenridge Drive Northeast in Atlanta, less than a mile from Atlanta’s Perimeter Center.

Headquartered in Philadelphia,  Resource Real Estate is involved in direct real estate investments, commercial real estate lending and global real estate securities and operates offices in New York, Los Angeles, Denver, Houston, London, Singapore and Sydney. The firm’s portfolio of owned and managed real estate assets is valued over $2.6 billion.

The communities are situated less than half a mile from each other in a neighborhood that offers convenient access to Perimeter Mall and one of Atlanta’s largest business districts comprising 29 million square feet of office space. Resource Real Estate Opportunity REIT acquired them for a combined price of $51.8 million and plans to invest extra capital in improving the properties. The common areas and individual units await upgrades, and the exteriors will undergo a renewal process as well. A property management team will also be assigned.

The 194-unit Berkeley Run offers a selection of apartments with one to three bedrooms plus a fitness center and a business center. The 14.5 acre property also includes individual garages, a salt water swimming pool, a tennis court and a clubhouse. Berkeley Trace is a 165-unit, 5.5 acre gated community with one and two bedroom apartments featuring private balconies, a business center, housekeeping service, a clubhouse, and a modern fitness center.

Photo credits: Google Maps

Hyatt House Atlanta/Cobb Galleria is LEED Certified

23 May 2014, 3:26 pm

By Balazs Szekely, Associate Editor

Hyatt House Atlanta/Cobb Galleria in Atlanta’s northwest corridor received LEED certification according to Noble Investment Group and Hyatt Hotels and Resorts.

Hyatt House is a Hyatt Hotels Corporation brand present in more than 50 U.S. locations. The 149 units the Atlanta facility offers consist of studios and suites with one- or two-bedroom layouts. The larger units include an extra living space, walk-in showers in the bathrooms and kitchens equipped with a full arsenal of appliances. The hotel features around 2,000 square feet of high-tech flexible meeting space, a 24-hour workout room, an indoor pool, two outdoor patios with fireplaces and grilling stations and a Hyatt branded non-stop grocery store. Located at the intersection of Interstate 75 and Interstate 285, the property is close to a number of major business destinations such as the Atlanta offices for IBM, Manhattan Associates, General Electric, SITA, Lockheed Martin and the global HQ for Home Depot. Cobb Galleria Centre, One Overton Park and Life University are in the area as well, with the Cobb Energy Performing Arts Centre also located within walking distance from the hotel.

The extended stay facility, opened just over a year ago, earned its LEED distinction due to an array of environmentally friendly features such as the all-around LED lighting system, low consumption HVAC units, motion-activated thermostats in all suites and highly efficient water fixtures. The landscaped outdoor space reduces overall environmental impact, which was also taken into consideration.

Photo credits: Hyatt Hotels Corporation


Pointe at Lenox Park Picked Up for Almost $25M

16 May 2014, 5:17 pm

By Balazs Szekely, Associate Editor

Pointe at Lenox Park, a 271-unit garden-style community in the Brookhaven submarket recently changed hands for $24.9 million. The previous local private owner sold the apartment homes to Cortland Partners.

Concentrating mainly on value-add acquisitions and development opportunities, Cortland Partners is an apartment owner and manager with a growing portfolio in the Southeast and Texas. The firm’s platform includes investment management, property management, and construction services and in the past few years  since the beginning of the recession its owned and managed residential portfolio has grown to around 19,000 units in the area.  

The company’s CEO, Steven DeFrancis is optimistic about the community’s strong performance in the future, especially considering the current state of the market.

“The city’s job growth and the restrained amount of new construction in the area are strong indications that the multifamily sector in Atlanta will continue to strengthen in the months and years ahead,” he says.

Located at 1900 North Druid Hills Road, the rental complex was built in 1988. The community features one- and two-bedroom apartment homes. Tenants can choose from 602- or 800 square-foot one-bedroom floor plans and the two-bedroom units measure 1000 square feet and come with an extra bathroom. Common-area amenities include a business center, a clubhouse and a fitness facility. Apartments are equipped with wood-burning fireplaces, intrusion alarms, wood flooring, granite countertops and include large closets as well as private balconies. The new owner intends to perform a general renovation on all units and update some of the community features as well.

Photo credits: Pointe at Lenox Park

Atlantic Station Gets More EV Charging Units

9 May 2014, 9:54 pm

By Balazs Szekely, Associate Editor

Electric car driving tenants, employees and visitors of the Atlantic Station mixed-use community in Atlanta can breath a sigh of relief knowing they will never again have to leave the complex with a dying battery.  According to a recent announcement, four new Level 2 electric-vehicle charging units have been put in operation in the underground parking garage on P1, near the valet station.

Inaugurated in in 2005, Atlantic Station is a sustainable mixed-use development built on Atlantic Steel Company’s abandoned mill site that today is a thriving district in Atlanta’s Midtown neighborhood. Anchor tenants of the community include employers such as Wells Fargo, Ogilvy & Mather and BB&T, retailers like H&M and Dillard’s along with a number of popular restaurants.

CBRE Global Investors, the owner of the property, had previously started investing in a stable infrastructure of car chargers at Atlantic Station.  The development has a street-level charging station on 17th Street near the Millennium Gate offering four Level 2 units and one DC fast-charger unit. That one is partially powered by overhead solar panels and is available at no cost to the public. The new chargers, partially funded by Nissan, offer a charging rate that gives a car around 25 miles of driving range over a one-hour charging interval and cost of 85 cents per hour for the public.

John Gilb, principal at CBRE Global Investors is proud that the community is moving toward more environmentally friendly transportation and believes that Atlantic Station is setting an example.

“Our EV charging stations are convenient not only for our visitors, but to the Midtown community as a whole,” he says.

Photo credits: ChargePoint

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