Cousins Continues $300M Disposition Plan with Atlanta Sale
The company teamed up with Gables Residential to acquire Emory Point I and II, which they now sold for $199 million. The 750-unit community also includes 125,000 square feet of first-floor retail space.
Cousins Properties and Gables Residential have completed the $199 million disposition of Emory Point I and II, a mixed-use property in Atlanta. The asset features 750 apartment units and 125,000 square feet of first-floor retail space.
Located at 855 Emory Point Drive, the community offers one-, two- and three-bedroom units ranging in size from 393 to 1,469 square feet. Community amenities include granite countertops, tiled flooring, washer and dryer appliances and 10-foot ceilings. The property also features controlled access, fitness and business centers, clubhouse, playground, three swimming pools with spa, media room and 858 parking stalls. Emory Point is located close to Emory University, Atlanta VA Medical Center and Tuco Hill Shopping Center.
According to data provider Yardi Matrix, the asset is subject to a $107 million construction loan originated by PNC Bank, which is due this September. Cousins’ share of the sale proceeds, before transaction costs and debt payments, was roughly $150 million. The deal was included in the company’s previously provided 2017 disposition activity range of $300 to $325 million.
Video courtesy of Gables Residential