Terwilliger Pappas Sells Atlanta Asset for $75M
- Jan 07, 2019
Terwilliger Pappas has sold Solis Parkview, a 303-unit luxury community near Atlanta, for $74.8 million to GID, according to Yardi Matrix. The seller developed the asset—which opened its doors in early 2018—with a $41 million construction loan from Synovus Bank. The new owner has rebranded the property as Windsor Parkview.
Located at 5070 Peachtree Blvd. in Chamblee, Ga., the community is positioned alongside a busy retail corridor, home to a Walmart Supercenter and a number of other shopping and dining options. The property is within a mile of a MARTA station, providing direct access into the city center, approximately 10 miles to the southwest.
Windsor Parkway’s units range from 550-square-foot studios to 1,594-square-foot three-bedroom apartments. Community amenities include a rooftop clubroom, a business center, a 24-hour fitness center, a saltwater pool, bike storage, and a game room. As of November 2018, the asset was 89.8 percent occupied. In addition to the multifamily component, the building features 14,000 square feet of office and 40,000 square feet of retail.
Approximately 10 miles closer to the urban core, another Atlanta luxury development changed hands in June 2018 for roughly the same price. The 244-unit Anthem on Ashley was sold by Invesco Advisers at a per square foot price of $370.
Image courtesy of Yardi Matrix