Peacock Partnership Inc. has acquired Presidential Tower, a 15-story former hotel in Atlanta. Greystone Brown Real Estate arranged the sale of the asset on behalf of the seller, Hays Financial Consulting. The buyer plans to transform the asset into senior housing.
Located at 4001 Presidential Parkway, the property is near the Spaghetti Junction─the intersection of interstates 285 and 85. Additionally, Presidential Tower is positioned approximately 14 miles from downtown Atlanta. Constructed in 1973, the building is known for its cylindrical shape and it had served as a hotel.
“After five years of negotiating this sale with various individual condo owners of the property, we are thrilled with the outcome for Peacock and their plans to revitalize the property for a use that is in high demand,” said Taylor Brown, director at Greystone Brown Real Estate Advisors, in prepared remarks. “This property will once again be a shining beacon for those traveling through Spaghetti Junction in Atlanta.”
In May, Greystone Brown arranged the sale of a 268-unit property in Marrietta, Ga., for $35 million.
Image via Google Street View