Multifamily real estate investment firm ParkProperty Capital has acquired The Monroe, a multifamily community situated in the Brookwood neighborhood of Atlanta. The property changed hands for $91 million, or $419,355 per unit. Cushman & Wakefield represented the sellers, RangeWater and Artemis Real Estate Partners. Robert Stickel and Alex Brown headed up the Cushman & Wakefield team overseeing the transaction.
A 217-unit apartment community located at the corner of Atlanta’s top central business districts, Midtown and Buckhead, The Monroe is steps away from thousands of medical jobs at Piedmont Hospital’s 1.5 million-square-foot expansion. It is also situated in an avidly-sought location on the Beltline and Bobby Jones Golf Course. The community was completed in 2016, and enjoyed occupancy of 95.4 percent at time of sale.
“Capital markets experienced significant challenges,” Stickel, executive vice chair at Cushman & Wakefield, told Multi-Housing News.
“Most notable was a rapid rise in interest rates, which created challenges for several investor profiles. We partnered with our debt specialists to provide various options and real-time insights. Also, we ran a broad campaign swiftly and created both competition for the buyers and clarity for the sellers. Ultimately, and perhaps most importantly, we found a high integrity purchaser who had the ability to acquire the asset all cash, was not dependent on debt and therefore was not impacted by the recent volatility,” he added.
The Monroe, a four- and five-story, elevator-served property, features steel-frame construction and offers one-, two- and three-bedroom units. Features and finishes of apartment homes include washer-dryers, above-standard ceiling heights, microwave ovens, individual AC and high-speed Internet access. A clubhouse with a kitchen and coffee bar is among the common-area amenities.
In May, ParkProperty Capital teamed up with Crescent Communities and Thalhimer Realty Partners to develop a 275-unit luxury community in Richmond, Va.