Atlanta Residential Community Trades for $75M
- Nov 29, 2016
Atlanta—PRP, a real estate investment management company focusing on multifamily, office and hospitality properties, has acquired Savannah at Park Place in Atlanta for the price tag of $74.5 million, the company announced recently. According to Yardi Matrix data, the asset traded for a significantly higher purchase price than the previous sale registered in 2013, growing in value with approximately $18 million. The property is subject to a $42 million CMBS loan with a 10-year maturity date.
Completed in 2001 and located at 31 Perimeter Center East, the 416-unit, Class A community comprises six five-story buildings consisting of one- and two-bedroom residences averaging 1,057 square-feet. Property amenities include a fitness center, business center, swimming pool and 850 parking spaces. Savannah at Park Place offers convenient access to the Perimeter Mall and its less than 30 minutes away from Hartsfield-Jackson Atlanta International Airport.
PRP intends to implement a $3.7 million renovation plan at the property, which will include extensive common area updates as well as luxury in-unit revamps. “Our goal is to enhance the already amenity-rich Savannah at Park Place community. This is an excellent addition to the PRP multifamily portfolio as it is in the epicenter of a burgeoning employment and residential market. Bringing on another value-add Atlanta asset expands our footprint in the area and will help solidify our commitment to excellence,” Phillip Pitney of PRP Real Estate Management, said in prepared remarks.
The transaction marks the third Atlanta-based apartment community to be added to PRP’s multifamily portfolio. “We are excited to continue investing in the Atlanta area and Savannah at Park Place was an obvious addition to our portfolio of value add assets. We believe in Atlanta’s economy and we look forward to enhancing an already stable property in a thriving community,” added Paul Dougherty, president of PRP.
Image courtesy of Savannah at Park Place website