JEM Holdings Acquires Metro Atlanta Community
- Nov 13, 2020
JEM Holdings has acquired a newly-built community in metro Atlanta that’s currently in its lease-up phase. The company paid $68.2 million to Prestwick Cos. for The Eddy at Riverview Landing in Smyrna, Ga. Cushman & Wakefield’s Robert Stickel, Alex Brown and Ashlyn Warren represented the seller in the transaction.
The community broke ground in spring 2018 and was completed in spring 2020, according to Cushman & Wakefield. Now in its leasing phase, The Eddy at Riverview Landing offers 310 units in one-, two- and three-bedroom floorplans that range in size from 632 to 1,435 square feet. The community’s amenities include a rooftop lounge, fitness center, yoga room, dog park, resident lounge, saltwater pool, business center, dock, bike storage, outdoor kitchens and community gardens. The Eddy at Riverview Landing also features on-site retail with tenants including Reformation Brewery, Chattahoochee Coffee Co. and Grand Champion BBQ.
Located at 6255 Riverview Road SE., the community is also part of a larger mixed-use development called Riverview Landing. The project includes the community, retail and restaurant options, and a public park that features an amphitheater, walking trails and bike paths.
A PRE-STABILIZED ACQUISITION
According to Cushman & Wakefield, the property was 48 percent occupied at the time of closing and has offered limited concessions throughout the lease-up. Chuck Young, partner & executive vice president of Prestwick Development Co., said in prepared remarks that the community was one of the few places that offers residents the ability to live and play near the Chattahoochee River.
Mikael Levey, CEO & founder of JEM Holdings, said in prepared remarks that The Eddy at Riverview Landing was an opportunity to acquire a core asset a pre-stabilized valuation. While the new owners have increased its metro Atlanta presence, JEM also sold a six-property portfolio with communities in Atlanta and North Carolina for $85.2 million in October.