By Robert Demeter
Atlanta–Admiral Capital Group and Wood Partners have announced that they successfully completed the sale of 3833 Peachtree, a 222-home community located in Atlanta’s Buckhead submarket. The Connor Group acquired the property for $38.6 million, roughly $182,311 per unit ($170 per square foot) with KeyBank providing a $32.6 million loan, with a maturity date ending in 2021. Both the buyer and seller were represented by JLL’s Atlanta team.
Admiral Capital and Wood Partners acquired the community (209 units) in the broken condominium conversion project in 2012, and during their hold period, the joint venture purchased an additional 13 units. Currently, the community has a total of 240 units, but 18 units of the original total are held by individual owners.
Built in 1985, 3833 Peachtree is a 16-story building with one- and two-bedroom residences averaging 1,066 square feet. Each apartment features hardwood floors, while property amenities include a fitness center, business center, clubhouse, tennis court, swimming pool and spa, rooftop terrace, laundry facilities and 480 parking spaces. Additional garage parking is available for $50 per month. According to Yardi Matrix, as of May 2016, the community is 98 percent occupied, with average rents sitting at $1,610. The property is currently managed by The Connor Group.
During its ownership, Admiral upgraded the property with a new outdoor pool and cabana area, and outdoor lounge areas. Additionally, the lobby, fitness center, and conference areas were renovated to complete the “live, work, play” environment tenants were seeking.
“We are thrilled with the execution of our business plan on 3833,” said David Robinson, Admiral co-Founder. “It has been very rewarding to be a part of transforming this property into such a high quality community for the residents.”
“We are proud of our work to breathe new life into 3833 Peachtree. From adding unique design features to buying back condo units, the team executed a complex plan for a successful investment,” said Curtis Walker, director, Wood Partners.
Photo courtesy of Yardi Matrix