Atlantic | Pacific Cos. Acquires Pair of Atlanta Communities
- Jan 27, 2014
By Jeffrey Steele, Contributing Writer
Miami, Fla.—Atlantic | Pacific Companies (A | P Companies) has augmented its already extensive Atlanta portfolio with the acquisition of two additional properties. They are the 214-unit Clifton Apartments and the 277-unit Townview Station, both located in exclusive areas within Atlanta’s desirable central core.
“We were attracted to the prime urban locations of both properties, the communities’ walkability, their nearby amenities and the barriers to entry,” A | P Companies’ Atlanta-based senior managing director Mark Briggs tells MHN. “Because we have purchased from this seller before and we work well together, we didn’t encounter problems.”
Located near the intersection of Briarcliff and Clifton Rds. less than a mile from Emory University and the Centers for Disease Control, Clifton Apartments is a gated, garden-style apartment community. It offers one- and two-bedroom floor plans featuring fully-equipped kitchens, walk-in closets, sunrooms and wood-burning fireplaces. An outdoor swimming pool, fitness center and fenced dog park highlight its amenity package.
Townview Station is located on Deering Rd. in Atlanta’s Midtown submarket, within walking distance of several restaurant and nightlife destinations at Atlantic Station. Also a garden-style apartment community, Townview features one- and two-bedroom floor plans with fully-equipped kitchens, large walk-in closets, private balconies or patios, and gas fireplaces and private sunrooms in select units. Community amenities include a clubhouse, swimming pool with expansive sundeck and 24-hour fitness center.
Bay Harbor Islands, Fla.-based A | P Companies intends to undertake capital improvements at both properties.
Among the improvements will be upgrades to the units and enhancements to the clubhouses, fitness centers and pool areas. All property management responsibilities for both properties will be handled by Atlantic | Pacific Management, A | P Companies’ property leasing and management platform.
“A | P Companies continues to be aggressive on value-add opportunities in Atlanta, particularly within Atlanta’s central core,” Briggs says.
“Both properties have matchless locations, conveniently located to employment, retail and restaurants . . . We are proud of the new ownership of these properties, [which add] two more urban Atlanta locations to our portfolio.
“We will be investing substantial capital, making improvements to both communities that our residents can enjoy and appreciate.”