ARA Closes Sale of 204-Unit Old Fourth Ward Apartment Community; Lincoln Property Brokers Three Major Atlanta Leases
- Jul 19, 2012
ARA—a privately held, full-service investment advisory brokerage firm specializing in the multifamily industry—recently announced the sale of its 626 DeKalb 204-unit apartment community.
Buyer Mesa Capital Partners, an apartment acquisition and development firm, paid $21 million for the Old Fourth Ward apartment community. Mesa Capital Partners specializes in the creation of world-class multifamily communities and plans to implement a common areas enhancement program to better position the community; in the future, the company intends to leverage the community’s location as part of the currently under construction Atlanta Belt Line project—the most comprehensive revitalization effort ever undertaken in the City of Atlanta and among the largest, most wide-ranging urban redevelopment and mobility projects currently underway in the United States.
Upon completion, the project will provide a network of public parks, multi-use trails and transit by re-using 22-miles of historic railroad corridors circling downtown and connecting 45 neighborhoods, including The Old Fourth Ward, directly to each other.
ARA Atlanta-based principals Sean Henry and John Weber represented an institutional advisor in the $21 million sale. According to ARA’s Sean Henry “Jeff Tucker /Mesa Capital Partners capitalized on an opportunity to acquire a quality community well below replacement cost for this construction type in a market that continues to attract renters desiring an in town, pedestrian friendly environment.”
In other real estate news, Lincoln Property Company Southeast has brokered three leases totaling 144,357 square feet in Atlanta’s North Fulton office market. Michael Howell and Hunter Henritze, both vice presidents of office leasing for Lincoln Property Company Southeast, represented the landlord, Equity Office, in the transactions. The leases included the following deals: RedPrairie signed a direct lease for 80,314 square feet in Radiant II, located at 3905 Brookside Parkway in Alpharetta; Select Management Resources renewed its lease for 40,347-square-feet at Preston Ridge IV, located at 3440 Preston Ridge Road in Alpharetta; Athena Health expanded its offices at Northwinds Pointe, located at 2550 Northwinds Parkway in Alpharetta, to a total of 23,696square feet.