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Two Suburban Atlanta Apartment Communities Change Hands for $22M

17 Apr 2015, 7:48 pm

By Balazs Szekely, Associate Editor

Dallas based The Milestone Group recently sold two Atlanta area communities called Villas at Indian Trail and Shannon Chase to separate investors for the total amount of $22 million, ARA Newmark announced. Vice Chairman John Weber, Executive Managing Director Bill Shippen and Managing Director Chad DeFoor of ARA Newmark spoke for the seller in both transactions.

According to DeFoor, the properties were initially put to market as a portfolio and attracted over a dozen offers from local and regional investors – both as a pair and individually – as value-add apartment deals are currently in high demand in Atlanta. Located in Lilburn, Ga., with easy access to Interstates 85 and 285, Villas at Indian Trail was acquired by Atlanta-based Mesa Capital for $14.3 million. The 236 homes were constructed in 1986 and include one- and two-bedroom units with amenities like a strength and cardio center, two lighted tennis courts, an outdoor fire pit and kitchen, a playscape and a pool with a sundeck.

Triangle Real Estate of Gastonia, N.C., purchased the 156-unit, 98%-occupied Shannon Chase for $7.3 million. Located in Union City, Ga., near Interstate 85, the neighborhood was built in 1987 and it also features one- and two-bedroom homes. It offers a selection of amenities similar to the above listed, including a pool with a sundeck, strength and cardio center, two lighted tennis courts, BBQ grilling areas and a business center. Both buyers plan to add value to the properties by upgrading units as they turn over, he said.

Photo credits: ARA Newmark

Second Value Place Extended-Stay in Atlanta Opened

10 Apr 2015, 5:14 pm

By Balazs Szekely, Associate Editor

Value Place announced the grand opening of its second location in the greater-Atlanta metro area. The newly constructed 124-room extended-stay hotel is located at 2877 Dresden Drive.

The four-story hotel’s location – just south of Chamblee Tucker Road, inside 285 to the northeast of downtown Atlanta – is easily accessible from the Perimeter, Northeast Expressway and Interstate 85 through exit 94. Situated near DeKalb Peachtree Airport, it is closer to the city center than the previous Value Place which is at 860 McFarland Parkway in Alpharetta. The new hotel provides guests three room options with kitchens and interior corridor entries. The kitchens are equipped with a cooktop, microwave and full-sized refrigerator. Additional options such as high-speed WiFi Internet, guest laundry and 24/7 vending are also available. The event was held on Wednesday, April 1. This is the brand’s ninth facility in Georgia.

With nearly 200 hotels in 31 states, Value Place is an extended-stay hotel brand targeting business travelers and professionals; guests with careers that require them to travel and stay for extended periods of time such as government employees or construction workers. The chain’s clientele also includes people relocating to or within a metro area. The company owns 83 of the aforementioned properties and provides management services for the remaining corporate- and franchise-owned locations. It is currently focused on strategic expansion across the U.S. and its expansion plans for next three years include the acquisition of land to build new properties in large markets like Los Angeles, Chicago, Philadelphia, Boston, Seattle, Miami, Portland, the Twin Cities and Fort Lauderdale.

Photo credits: Value Place

New Hospital Opens in South Hall County

30 Mar 2015, 4:24 pm

By Balazs Szekely, Associate Editor

The topping out ceremony (October 2013)

Northeast Georgia Health System announced the opening of a brand new hospital in the outer Atlanta Metro region. The 100-bed facility is located at 1400 River Place in Braselton, about 40 miles northeast of Atlanta. Northeast Georgia Health System worked with architectural firm Hammel, Green and Abrahamson and selected Turner Construction as the general contractor for the development back in 2011. Northeast Georgia Medical Center Braselton broke ground in late 2012 and according to NGHS announcement archives, the health system was seeking Gold-level LEED Healthcare Certification for the project. The certification process currently appears as “in progress” in the US Green Building Council’s online directory (as of March 26).

According to the Gainsville-based health system, NGMC Braselton is the first net-new hospital in Georgia in almost 20 years, which means it is not a replacement or relocation facility. It brings new medical services to the Greater Braselton community, including heart and vascular services, orthopedics and neurosciences, cancer treatment, surgery as well as emergency services.

The hospital campus is also home to Medical Plaza 1, a medical office building housing an urgent care center, imaging center, endoscopy suite, outpatient lab, therapy services and more than 20 physician offices, the Atlanta Business Chronicle reports. The facility will officially open and begin providing care for patients on April 1, following an open-day event series held on Sunday, March 29 when guests are allowed to see the new facilities and learn about the hospital’s services as well as the technology and equipment used in those spaces. Photo credits: Northeast Georgia Health System

Lawrenceville MF Asset Changes Hands for $58.3M

20 Mar 2015, 8:27 pm

By Balazs Szekely, Associate Editor

Madison at River Sound was recently sold to Los Angeles-based Investors Management Group for $58.3 million. The new owner of the community is a private real estate investment firm focusing exclusively on the multifamily sector. Investors Management Group specializes in value-add and opportunistic real estate investments in major metropolitan markets in need of recapitalization, repositioning, or significant renovation.

The 586-unit Madison at River Sound apartment community features spacious interiors, nine-foot ceilings, a two-tier swimming pool and an updated clubhouse. The gated community has frontage along Highway 316 and is located within walking distance of Georgia Gwinnett College. The neighborhood features two swimming pools, two tennis courts, a sand volleyball court, playground, walking trails and a fitness facility. Other common space amenities include a clubhouse, a laundry facility, cyber café, picnic areas with grills as well as two car care centers. Floor plans range from 714 to 1,523 square feet with up to three bedrooms and two baths. The apartments feature newly upgraded amenities including kitchens with brush nickel hardware, glass stone mosaic tile back splash and built-in microwave. Select units also include vaulted ceilings, wood burning double-sided fireplaces, attached garages with private driveways as well as sunrooms with built-in desk and shelves.

A sales team consisting of Vice President Shea Campbell and Vice Chairman Kevin Geiger of CBRE’s Southeast Multifamily Group finalized the sale on behalf of a partnership owned by B&M Management and Madison International Realty, LLC.

Photo credits: Madison International Realty

Associated Estates Realty Corporation Acquires Luxury Apartment Community

6 Mar 2015, 4:51 pm

By Balazs Szekely, Associate Editor

The recently completed 1160 Hammond luxury rental community was picked up by Associated Estates Realty Corporation, the Ohio-based company announced in a press release. The multifamily property is located in the Sandy Springs/Perimeter submarket of Atlanta, within walking distance of the Sandy Springs MARTA station along with 29 million square feet of offices and retail options including the Perimeter Mall.

The buyer is a real estate investment trust and a member of the S&P 600, Russell 2000, and MSCI US REIT Indices. Headquartered in Richmond Heights, Ohio, Associated Estates’ portfolio consists of 57 apartment communities containing 15,206 units located in 10 states, including three properties in the Atlanta market with 699 units in total.

The 345 apartment units at 1600 Hammond are available in various floor plans from 547 to 1628 square feet. The studio units as well as the roomier configurations with up to three bedrooms and two baths come with 10-foot ceilings, granite countertops, tiled backsplashes and plank-style flooring. The homes also include kitchen islands and upscale cabinets.  The building offers 16,000 square feet of amenity space with a clubhouse, 24-hour soundproofed exercise and training room, social lounge, game room, climate controlled corridors, saltwater pool, indoor resistance pool and hot tub, business center, sauna as well as a smoke-free policy.

The newly-constructed property is leasing and is currently 44.6% leased with average rents of approximately $1,550 per month.

Image source:  1160 Hammond via Facebook

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