JV Completes Sale of Atlanta Community
- Feb 18, 2019
CBRE Global Investors has acquired Olmsted Chamblee, a newly-developed, 283-unit Class A apartment building in Atlanta. A joint venture of CF Real Estate Services and Origin Investments completed the sale. Walker & Dunlop’s Eliot Howell and Kris Mikkelsen represented the sellers in the disposition.
“The newly developed Olmsted Chamblee is a unique, stabilized asset with the ability over time to raise rents over time,” Marc Turner, Origin Investments managing director investment management, told MHN. “That, coupled with its location in the path of growth created a compelling story in marketing the property for sale.”
Situated on a 6-acre site at 5193 Peachtree Blvd., Olmsted Chamblee features one-, two- and three-bedroom apartments along with 9,000 square feet of retail space and rentable office pools within its amenity spaces. The multi-building property was 95 percent leased at the time of the sale.
Location is among the qualities enhancing the property’s popularity and value. Olmsted Chamblee is adjacent to a MARTA station, allowing the community’s residents to reach Buckhead four miles away, Emory University and the Centers for Disease Control seven miles distant, and the Central Perimeter four miles away.
The Chamblee area of Atlanta, once heavily characterized by industrial buildings, is undergoing a transformative change. One-time factories and warehouses are being transformed into loft-style residential structures and office buildings. A 197 percent surge in population has been witnessed in Chamblee over the past nine years.
“This project has been all about timing,” added Turner. “The partnership was able to develop and deliver Olmsted Chamblee at the beginning of a growth cycle in this Atlanta neighborhood. With occupancy now stabilized, it was a great time to market the asset for disposition and reward our investors.”
Among the features and finishes of Olmsted Chamblee apartment homes are nine-foot ceilings, wood flooring, 42-inch cabinets, granite countertops, stainless steel appliances, tiled tub surrounds, ceiling fans and in-unit washers and dryers.
Among other offerings, the 14,000 square feet of common-area amenities include a pool, fitness center, co-working spaces, outdoor grills, indoor bocce court, bike storage, workshop, pup wash and dry cleaner locker system.
Firsts for all
For the firms in the joint venture, Olmsted Chamblee represented a series of firsts. The apartment community served as the launch of CF’s Olmsted multifamily brand, which is now being reproduced in other U.S. markets. For Origin Investments, this project represented the first development deal in which it has invested. In other partnerships or on its own, Origin is now developing additional projects in Atlanta and Denver.