PAC Adds New-Build in the Big Peach
- Feb 03, 2016
Atlanta, Ga.—Preferred Apartment Communities has acquired Overton Rise, a newly constructed 294-unit Class A multifamily community in Atlanta. PAC purchased the community through a wholly owned subsidiary and financed the acquisition utilizing a $41.3 million first mortgage loan from KeyBank National Association that has a maturity date of Aug. 1, 2026, a fixed interest rate of 3.98 percent per annum and will amortize based on a 30-year amortization. KeyBank intends to assign this loan to Freddie Mac within 60 days of closing.
Located 1.5 miles from the new Braves stadium, Sun Trust Park, in the Cumberland area of Cobb County, the community is within walking distance to Cobb Energy Performing Arts Center Direct and has easy access to Silver Comet Trail as well as the Chattahoochee National Recreation Area.
The one-, two- and three-bedroom apartments feature 10-foot ceilings and 8-foot doors, gourmet kitchens with stainless steel appliances, washer and dryer connections, walk-in closets, and private patios. Stand-up showers, built-in workspaces, breakfast bars and kitchen islands are also available in select units. Building amenities include a salt water swimming pool, cabana with outdoor kitchen, and a 24-hour fitness center. Residents also have access to luxury services like an onsite concierge, bicycle checkout and a complimentary Starbucks coffee bar.
“This is a brand new property that continues our record of having the youngest portfolio of Class A apartments in the REIT world,” said Chairman & CEO John A. Williams of PAC. President & COO Leonard A. Silverstein added, “We believe this is a further example of the success of our loan investment program and our confidence in the Northwest Atlanta submarket.”
Preferred Apartment Communities was formed primarily to acquire and operate multifamily properties in select targeted markets throughout the United States.
Photo courtesy of Preferred Apartment Communities