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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.

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