A joint venture between PCCP LLC, F&B Capital and CF Real Estate Services is planning to lease up an Atlanta community that experienced vacancies mostly during the COVID-19 pandemic.
The joint venture acquired the community, District at Windy Hill, from Kaplan Development, Ron Bonneau, managing director at PCCP, told Multi-Housing News.
Bonneau also said in prepared remarks that inclusion of CF Real Estate Services brought a local management team to the joint venture. CF Real Estate Services recently merged with RPM in March. F&B Capital is also an affiliate of RPM.
The 284-unit District at Windy Hill was built in 2019 and offers 156 one-bedroom units and 128 two-bedroom units with an average size of 875 square feet. The units are spread between two five-story buildings that also include a pool, clubhouse, fitness center, culinary center, cybercafe, sports simulator, pet spa and dog park. The community is located on a 5.6-acre site that has a 514-space parking deck between the two residential buildings and access to nearby trails.
Located at 2245 Interstate North Parkway W., District at Windy Hill is also more than a mile away from Truist Park, the new stadium for the Atlanta Braves as well as the interchange between Interstates 75 and 285.
Bonneau added in his prepared statement that the community will see strong renter demand due to its location near strong employment nodes. The community is 76 percent occupied, Bonneau told MHN.
“The pandemic caused the initial lease up to slow, especially as the property held on rate when competitors offered some form of concessions to maintain occupancy during this time,” Bonneau told MHN. “Leasing over the past two months has picked up in a meaningful way and the partnership plans to continue this momentum by implementing some small but highly impactful improvements while also bringing in a new leasing strategy developed by our local sponsor.”
PCCP noted that the Cumberland/Galleria suburban submarket of Atlanta has seen many corporate relocations and expansions of major office tenants in recent years, including Comcast, Thyssenkrupp and Papa John’s. The incoming corporations have added to the area’s existing tenant roster of Home Depot, Assurant, Lincoln Financial and Wells Fargo.