Admiral Fund Joins Wood Partners in Buckhead Multifamily Deal
- Nov 12, 2012
A newly formed joint venture between San Antonio-based Admiral Capital Real Estate and Wood Partners of Atlanta recently acquired 209 apartments within The Brookhaven high-rise in Buckhead.
The property, a broken condominium project built in 1985, is located on the northern perimeter of Atlanta’s prestigious Buckhead neighborhood at 3833 Peachtree Road—less than two blocks from Buckhead’s center, and three blocks from a MARTA rapid transit station.
While The Brookhaven underwent renovation work in 2008, when its interiors were modernized to feature hardwood floors, custom cabinetry and enclosed sunrooms, the new owners have disclosed plans of further improvements on the property; the Wood Partners acquisition team plans to enhance the 17-story building common areas with expanded parking, a state-of-the-art fitness center and a resort-style amenity deck with a water feature, outdoor bar and bocce ball court. This will complement the existing amenities package which includes a heated pool, men’s and women’s saunas and a lighted tennis court.
The Brookhaven acquisition represents Admiral Capital Real Estate Fund’s second Atlanta investment, following the September acquisition of a 160,000-square-foot Class A office property in the Central Perimeter submarket in partnership with SDM Partners. This is also the fund’s first investment in the multifamily sector.
“We are very excited to make our second Admiral investment in Atlanta and our first in the multifamily sector,” Admiral Capital Group founder David Robinson said. “This is consistent with our overall fund approach to identify assets that need capital and repositioning and partner with best-in-class operators like Wood Partners to execute that strategy.”
The broker on the acquisition was Jones Lang LaSalle’s Capital Markets, a full-service global provider of capital solutions for real estate investors and occupiers, led by Managing Directors David Gutting and Derrick Bloom.
Image via The Brookhaven brochure, courtesy of Jones Lang LaSalle