CBRE Brokers Sale of Value-Add Asset in Atlanta
- Jun 11, 2019
CBRE has arranged the sale of Atlantic North Decatur, a 228-unit apartment community in Atlanta’s northeast submarket of Decatur. White Eagle Property Group acquired the asset from Atlantic|Pacific Companies. According to Yardi Matrix data, the previous owner purchased the asset for $23.7 million in 2015. CBRE’s Shea Campbell, Kevin Geiger, and Don Hoffman represented the seller in the transaction.
Located at 645 Dekalb Industrial Way, Atlantic North Decatur is within 9 miles of downtown Atlanta and 3 miles from the Clifton Road Corridor where the CDC headquarters and Emory University are located.
According to Senior Vice President Campbel, the asset has 153 lightly renovated and 75 classic units, which gives White Eagle Property Group the opportunity to upgrade the entire unit mix. The new owner is set to invest significant capital by upgrading the interiors and enhancing the common area amenity spaces. The property will be rebranded as the Avenues at North Decatur.
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