By D.C. Stribling, Contributing Editor
CGI Strategies has sold City Walk, a mixed-use development in Atlanta’s Sweet Auburn Avenue Historic District, to two separate investors. Located at 171 Auburn Ave. NE and covering an entire city block, the six-story City Walk features 144 one- and two-bedroom apartment units and over 30,500 square feet of street-level retail.
San Francisco-based FPA Multifamily bought the residential component of City Walk. The seller, a Los Angeles-based real estate investment and firm founded by Gidi Cohen, acquired the property out of receivership in late 2011, marking its entry into the Atlanta market. After rebranding the property as City Walk, CGI stabilized the property, particularly by leveraging its proximity to Georgia State University.
The building features a rooftop tennis court, poolside resident lounge and 24-hour fitness center. Each unit offers an oversized kitchen, high-end finishes, washer and dryer connections, 10-foot ceilings and hardwood flooring.
Retail Part of the Building Sells as Well
The retail component sold to a joint venture of Franklin Road Amoco Inc. & Southern Gas Partners LLC. Its space is leased to a mix of national and local merchants, including Pizza Hut, Sweet Auburn Seafood and Moe’s Southern Grill.
The Atlanta-based Cushman & Wakefield team of Mike Kemether, Josh Goldfarb and Travis Presnell represented all parties to the transactions. The properties traded for unspecified prices.