By Tudor Scolca
Continental Realty Corp. acquired Millworks, a 345-unit apartment community in Atlanta’s Buckhead submarket.
The property traded for $80 million, with developer/seller Pollack Shores being represented by JLL. CRC carried out the deal through its $164 million fund, Continental Realty Fund IV LP. With Millworks, CRC completed its sixth apartment community purchase acquired through the Fund. Previously, it acquired the Bell Murfreesboro community in metro Nashville for $47 million.
Construction at Millworks ended earlier this year. The property sits on a five-acre site next to interstates 75 and 85, at 1888 N.W. Emery St. The buildings comprise 232 one-, 98 two- and 15 three-bedroom units, ranging in size from 647 to 1,470 square feet. Common amenities include a saltwater pool, outdoor lounge, clubhouse, gas fireplaces, fire tables and grilling spaces, as well as a bar lounge, art studio, an athletic club and yoga room. According to Yardi Matrix, the property is currently 71 percent occupied, while average monthly rent is $1,682.
The location enables residents to access multiple dining and shopping venues, on Collier Road N.W. or along Howell Mill Road. Georgia Institute of Technology can be reached in a ten-minute drive. Other employment opportunities include the Piedmont Hospital and Shepherd Center, healthcare centers that employ more than 1,000 physicians and 4,000 healthcare professionals. Interstate 71 is right next to the property, while I-85 can be reached in under five minutes. Downtown Atlanta is situated about ten minutes away.
Value-add in Buckhead
The Buckhead region represents a prime market for value-add acquisitions, as multiple expansions and relocations are expected to add over 12,000 jobs over the next two years. Within a one-mile radius, the average home values exceed $455,000, while average household income is approximately $112,000.
“We consider this a one-of-a-kind, landmark acquisition in the Atlanta market with effective rents increasing by approximately 8 percent since March. Millworks is benefitted by a highly-visible location featuring a drive-by audience of more than 300,000 vehicles daily, and a site surrounded by significant employers, local technology start-up companies and healthcare facilities. Millworks is ideally located in Buckhead along Howell Mill Road and adjacent to West Midtown and Collier Village, providing access to in-town jobs and major thoroughfares,” said J.M. Schapiro, CEO of Continental Realty Corp., in a prepared statement.
Image courtesy of Continental Realty Corp.