Atlantic | Pacific Expands in Atlanta With $36M Buy
- Mar 20, 2018
Atlantic | Pacific Cos. has purchased a 240-unit community in Atlanta’s third-largest business district, Buckhead. The partnership of Atlantic | Pacific Cos. and Blue Arch Advisors used its $500 million Blue Atlantic Partners II investment fund to buy the asset for $36.3 million from The Connor Group. The transaction was subject to a $24.1 million loan held by Freddie Mac, due 2025.
Located at 2035 Peachtree Road, Brookwood Valley sits on a 7.2-acre parcel in an upscale neighborhood. Multiple restaurants, retailers, art galleries and museums are within walking distance. Shepherd Center and the Piedmont Atlanta hospital are also nearby. Peachtree Road is an avenue towards central Atlanta and around the metro, with interstates 85 and 75 a few minutes away by car.
The community comprises 204 one-bedroom and 36 two-bedroom units, with sizes ranging from 696 to 988 square feet. Common amenities include:
- fitness center
- business center
- swimming pool
- 480 parking spaces
Atlantic | Pacific plans to take advantage of the property’s location and implement significant upgrades at the community, which was built in 1987. Brookwood Valley will benefit from in-unit revamps, as well as clubhouse and other exterior improvements.
This was the 20th acquisition in Georgia made through the Blue Atlantic II fund. The $500 million investment vehicle was closed in July last year, with a focus on the Southeast and Southwest multifamily markets, with initial equity capital commitments of $110 million.
Images courtesy of The Connor Group