GID Pays $107M for Suburban Atlanta Asset
Cushman & Wakefield arranged the deal.
Clark Ventures has finalized the disposition of Park at Peachtree Corners, a 460-unit community in Norcross, Ga. GID shelled out $107 million for the Suburban Atlanta asset and rebranded the property as Windsor Peachtree Corners, according to Yardi Matrix data.
Cushman & Wakefield worked on behalf of the seller. The brokerage team included Executive Vice Chairman Mike Kemether, Senior Director Travis Presnell and Senior Associates Wesley Lacefield and James Wilber.
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The garden-style community last traded in mid-2013, when the current seller paid a fraction of the current price, $22.8 million, for Windsor Peachtree Corners, Yardi Matrix shows. The real estate firm funded that purchase with a $16.5 million CMBS financed by U.S. Bank and arranged by JLL.
A value-add strategy
Clark Ventures implemented a more than $5.5 million capital improvements plan that upgraded the value-add property. Among the in-unit and amenity updates, the property-wide renovations also involved implementing eco-friendly options, such as adding Nest thermostats and reducing water waste by installing water-efficient fixtures.
The strategy paid off, resulting in a 99 percent occupancy rate at the time of the sale.
The seller, with a 4,000-unit footprint throughout the Atlanta market, plans to reinvest the capital by purchasing multifamily properties in attractive markets across the South.
Windsor Peachtree Corners at 3341 Peachtree Corners Circle includes studios as well as one- and two-bedroom units with floorplans ranging from 545 to 1,300 square feet. The 1985-built community encompasses 24 two-, two-and-a-half- and three-story buildings on 39 acres.
The amenity-rich property features a business center, a fitness center, a swimming pool with a sun deck, a grilling area with seating options, a playground, a dog park along with a dog spa, a tennis court, electric car charging stations and a clubhouse.
Windsor Peachtree Corners is within walking distance of several shopping and dining options, less than three miles from Garrard Landing Park and within 8 miles of Mercer University’s Atlanta Campus. Downtown Atlanta is 19 miles southwest.