PAC Invests in Northeastern Atlanta Asset
- Mar 06, 2018
Preferred Apartment Communities has acquired Green Park, a Class A, 310-unit community located in the northeastern part of metro Atlanta. The property’s previous owner was 360 Residential, Yardi Matrix data shows.
The transaction involved a $39.7 million non-recourse, first mortgage loan closed by KeyBank National Association through Allianz.
Completed in 2016, Green Park comprises 14 buildings at 2037 Weems Road in Tucker, Ga. The community is adjacent to Northlake Mall and multiple retailers, restaurants and entertainment venues. Interstate 285, Atlanta’s Perimeter, is right next to the property.
Green Park features 24 studios, 132 one-bedroom, 146 two-bedroom and eight three-bedroom units, some of which are townhouses. Apartments range in size from 640 to 1,607 square feet. At the time of the sale, the Atlanta apartment community was 95.2 percent occupied, according to Yardi Matrix, with monthly rents averaging $1,429. Common amenities at Green Park include a fitness center, business center, clubhouse, swimming pool and 620 parking spaces.
Image courtesy of Yardi Matrix