CBRE Assists Hines in Luxury Multifamily Deal
- Jul 06, 2016
Atlanta—Hines recently sold @1377, a multifamily community located in the Brookhaven Village neighborhood of metro Atlanta, to an affiliate of privately held AVR Realty. Hines was represented in the transaction by a CBRE Southeast Multifamily team led by Paul Berry, Malcolm McComb, Kevin Geiger and John Whitlow.
Hines built @1377 in 2014 with a $21.7 million construction loan provided by Cadence Bank along Dresden Dr. amongst a variety of upscale restaurants and shops. The four-story mid-rise structure offers luxury studio-, one- and two-bedroom units averaging 865 square feet, with state-of-the-art appliances, private patios and balconies and 9-foot ceilings. Community amenities include a club room, fitness center, resort-style outdoor salt water pool with cabanas, a private covered parking garage and 323 parking spaces. According to Yardi Matrix, average monthly rents equate to $1,675.
“Hines created @1377 with the right look, quality and proportions so that it feels ideal for its upscale Brookhaven Village setting. Those features, plus short commutes to Buckhead, Perimeter and Emory/CDC attract @1377’s affluent resident base, in turn making the property a prized acquisition for selective investors. AVR, which owns a nearby Class-A apartment community recognized @1377’s unique competitive positioning and astutely pursued the property,” said Paul Berry, executive vice president at CBRE. “@1377 was pursued by institutional and private buyers, but in this case, AVR was able to prevail by persuading Hines of its combination of motivation, knowledge and capabilities.”
“AVR Realty has been in business for over 60 years and has accumulated a significant portfolio of apartments, hotels and shopping centers. We believe very much in the apartment market in Atlanta and we are very happy with this beautifully executed acquisition,” said Allan Rose of AVR.
Photo courtesy of Yardi Matrix