37th Parallel Properties Investment Group has made their first purchase in the Atlanta market with Park on Clairmont for an undisclosed sale price. CBRE’s Southeast Multifamily team of Shea Campbell and Keith Geiger represented the seller, a joint venture between Croatan Investments and CGR Advisors.
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Located at 3180 Clairmont Road, the property was built in two phases in 1984 and 1996. Park on Clairmont offers a mix of one-, two- and three-bedroom units with an average floorplan size of 1,074 square feet. According to Yardi Matrix data, the 111 units are 93.7 percent occupied and come at an average rent of $1,301.
The property also offers its residents a clubhouse, fitness center, swimming pool, outdoor fire pits, community pavilion and gas grill stations. The joint venture, which purchased Park on Clairmont in 2016, spent three years conducting renovations to the property’s unit interiors, building exteriors as well as its clubhouse, common areas and amenities.
Roughly 10 miles away from downtown Atlanta, Park on Clairmont is located near other popular Atlanta neighborhoods like Buckhead and Midtown and is also just more than a mile from the 2 million-square-foot medical office park at Century Center.
The investment firm said they purchased the property through new investor equity and secured a long-term, fixed-rate agency debt financing through Berkadia’s Cutt Ableson and Colin Marusak. The property will also be managed on-site by the Atlanta-based First Communities Management.
ACTION IN NORTH ATLANTA
Dan Chamberlain, 37th Parallel’s managing partner & chief operating officer, attributed the purchase to the property’s location in the North Atlanta submarket, which saw high demand, low supply, and one of the lowest vacancy levels in the metro area. Chamberlain added that the rents at Park on Clairmont was 15 percent below its competition.
“We have looked at numerous deals in the Southeast U.S. over the past 12 to 18 months,” Chamberlain told Multi-Housing News. “We think the population growth and overall economic growth of the Atlanta metro, and specifically the Brookhaven/North-Atlanta submarket make this an ideal long-term location for multifamily investing.”
Chamberlain also told MHN that 37th Parallel would continue to look at properties in Atlanta and the Carolinas in the near future.