Atlanta Community Trades for $37M
- Aug 05, 2019
Taurus Investment Holdings has purchased 251 North, a 192-unit, garden-style community in Atlanta’s Midtown South submarket. Abacus Capital Group sold the asset for $36.5 million, according to Bisnow. JLL arranged the transaction and secured $24.9 million in acquisition financing. The 10-year, floating-rate Freddie Mac loan will be serviced by HFF.
Located at 300 Cityline Ave. NE, next to Renaissance Park and Central Park, 251 North is close to Interstate 85. Major employers including the Georgia Institute of Technology, as well as popular entertainment and dining venues such as the Atlanta Beltline and Ponce City Market are all within a 2-mile radius. Downtown Atlanta is located 3.2 miles south of the property, while Hartsfield-Jackson Atlanta International Airport is within a 20-minute drive.
Developed in 1989 on a 6-acre site, the Class B property consists of nine three-story buildings, per Yardi Matrix data. The one- and two-bedroom floorplans range from 540 to 1,300 square feet. Community amenities include a resort-style pool, outdoor grilling station, cardio-based fitness center and covered parking. 251 North was more than 93 percent occupied at the time of sale.
JLL Senior Director Jamie Leachman and Director Ware Shipman led the Capital Markets team representing the borrower in the deal. Earlier this month, Leachman was part of the debt placement team that secured Freddie Mac financing for the acquisition of a 375-unit community in Philadelphia.