North Atlanta Community Changes Hands for $33M
- Jan 31, 2020
Nicol Investment Co. (NIC) has sold Evergreen Lenox Park, a 206-unit luxury community in Atlanta, Ga. According to DeKalb County records, a New York-based pension fund acquired the property for $32.9 million in an off-market transaction.
As part of the deal, the buyer assumed a $17.8 million loan from Prudential Financial, which the former owner took in 2014. The asset last traded in 2013, when NIC purchased it from Bell Partners for $22.3 million, according to Yardi Matrix.
Located at 100 Lenox Park Circle NE on 8.6 acres in the Lenox Park neighborhood, the community is across the street from American College of Rheumatology and AT&T corporate offices. Multiple dining and retail options are available at Lenox Square at Phipps Plaza, roughly 2 miles away. The property encompasses six three-story buildings that came online in 1995. NIC spent more than $2.5 million to renovate the community’s units, exterior, clubhouse and amenities. Evergreen Lenox Park has two laundry facilities, a swimming pool, a gym, a tennis court and a business center.
Last August, Nicol Investment also sold Hayes House Hillsboro Village in Nashville, Tenn. Sentinel Real Estate purchased it for $51.3 million.