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Shopping Spree? Local Buyer Jumps on Second Community in a Week

25 Jun 2015, 12:40 pm

By Balazs Szekely, Associate Editor

Ashford Walk in Doraville, GaIt seems that one property a week is just not enough to satiate the appetite of this Atlanta-based company.

Immediately after the acquisition of the 255-unit Estates at Ridenour in Kennesaw, RADCO Companies, an opportunistic real estate developer with a portfolio of 40 assets (more than half of which are located in Atlanta), closed on another mulifamily purchase in the metro.

RADCO bought the Morningside Apartments from a locally based limited liability company for $13.55 million. The 306-unit community is located in Doraville, in the northeastern suburbs. The 65 buildings were constructed in 1983 on a 23.7-acre site on Pleasantdale Road. The apartments average 851 square feet and come in six different floor plans, with up to three bedrooms and two baths. The common space features amenities such as a fitness facility, business center and a resort-style pool.

The new ownership plans to invest nearly $6 million in capital improvements, which include interior and exterior upgrades, as well as an expansion of the amenity package. Morningside Apartments will also join RADCO’s Ashford brand and will be known further on as Ashford Walk. The other recent addition was rebranded Ashford Ridenour. RADCO financed the acquisition with private capital and financing from First Tennessee Bank. Berkadia brokered the transaction.

Photo credits: The RADCO Companies

Downtown Atlanta Hotel Sells Well Under Replacement Cost

24 Jun 2015, 4:07 pm

By Balazs Szekely, Associate Editor

AW Atlanta Downtown real estate investment trust focused on the hospitality sector has signed a definitive agreement to buy a recently built hotel in downtown Atlanta.

The purchase price Ashford Hospitality Trust paid for the 237-key W Atlanta Downtown is $56.8 million. The company intends to finance the acquisition with approximately $45.4 million of non-recourse mortgage debt.

The hotel, which features more than 9,000 square feet of meeting space, is part of the Allen Plaza Complex, a $2 billion mixed-use development featuring luxury condominiums and prime office space. Post-closing, W Atlanta Downtown will continue to be managed by Starwood Hotels.

Ashford Trust announced that the purchase price represents an approximately 40 percent discount to the replacement cost, a trailing 12-month cap rate of 6.4 percent and a trailing 13.1x EBITDA multiple.  In the past 12 months, the hotel achieved RevPAR of $147.97, with occupancy of 73.2 percent and an Average Daily Rate of $202.24.

Headquartered in Dallas, Texas, Ashford Hospitality Trust focuses on investing in the hospitality industry across all segments and at all levels of the capital structure primarily within the United States. The REIT currently owns 12 hotels in Georgia, mainly represented by the Hilton and Marriott brands. W Atlanta Downtown marks the company’s first Starwood hotel in the state.

Photo credits: Starwood Hotels & Resorts Worldwide Inc.

Tech Firms Take Norcross Office Building by Storm

23 Jun 2015, 1:31 pm

By Balazs Szekely, Associate Editor

303 research dr nw norcross gaAn office building in Norcross will soon welcome new tenants from the tech world. Two software providers and a tech company focused on the plastic packaging industry have simultaneously signed leases at 303 Research Drive, Lincoln Property Company Southeast announced.

The 70,732-square-foot office building is situated in the Technology Park in the Peachtree Corners submarket in western Gwinnett County. The location is just a few corners from the Hyatt Place Atlanta/Norcross/Peachtree hotel and Georgia State Route 141, also known as the Peachtree Parkway, and has easy access to I-85. The new tenants are Intravis, Valens Software and Fenestrae and the companies signed up for 10,345, 7,219, respectively 2,893 square feet. Intravis develops vision inspection systems to the plastic packaging industry, Valens provides software solutions to a variety of services and Fenestrae specializes in software programs aimed at helping businesses improve efficiencies and reduce paper use

Lincoln’s team of Matt Davis and Jeff Henderson brokered all three deals totaling 20,456 square feet on behalf of the landlord, the Minnesota-based Continental Property Group. According to Davis, who is a vice president of office leasing for Lincoln, the office market in Atlanta is experiencing strong recovery and the company’s records show significant improvement in tenant demand in the Northeast submarket in recent months.

Photo credits: Google Maps

Ohio-Based Group Conquers Atlanta in a Self Storage Buying Spree

22 Jun 2015, 2:06 pm

By Balazs Szekely, Associate Editor

New Compass Self Storage facility, McDonough, GAAffiliates of a family of companies with headquarters in Cleveland acquired a self storage facility in McDonough, Ga, marking the 8th addition to their Greater Atlanta portfolio. Compass Self Storage announced the transaction made by two separate entities affiliated with of Amsdell Group, LLC and Compass Self Storage, LLC. This is also the 6th facility this year that the group opened under the Compass flag, two of which are also located in the Atlanta area.

Located at 2140 Jodeco Road, accessible via Georgia State Routes 42 and 155 as well as from Interstate 75, the storage center offers over 72,000 net rentable square feet available in units ranging from 5’ x 5’ to 10’ x 20’ in size. The facility also has drive up access, indoor climate controlled units, digital surveillance, electronic access, online payments, outdoor parking and a line of moving and packing supplies.It is suitable for residential as well as business clients and its list of services includes RV and boat storage, auto storage and U-Haul truck rentals.

The new premise in McDonough will be operated by Compass Self Storage LLC. According to the company’s blog, the next opening is to be expected at their Manville, New Jersey facility.

Photo credits: Compass Self Storage

Award-Winning Suwanee Community Gets a Baby Brother

17 Jun 2015, 6:54 pm

By Balazs Szekely, Associate Editor

The River Club, Suwanee, GeorgiaA luxury multi-family community in the Chattahoochee River Valley in Suwanee will soon expand and have a new collection of homes available at a new price point. Crescent Communities is set to begin development this summer on The River Valley, 37 separate home sites within its award-winning River Club development. The developer has younger families in its crosshairs, and also counts on The River Club’s homeowners that wish to downsize.

The idea behind the new set of resort-inspired homes is to provide full access to the original development’s popular location, amenities and architecture at a somewhat lower price. Among the main on-site attractions of the property is a Greg Norman-designed, 7,212-yard, 18-hole championship golf course. Homes in The River Valley will range from 3,200 to 5,000 square feet, with prices starting from the $900s.

The River Club is located adjacent to national forest land, in an area with a wide range of shopping, dining and entertainment options, as well as quick access to Atlanta via Interstate 85. There are also major employers to be found within a narrower circle, such as Gwinnett County’s public school- and health care system along with a number of Fortune 500 companies.

Photo credits: Crescent Communities

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