Atlanta—In a joint venture with Wood Partners, San Antonio-based Admiral Capital Real Estate Fund has acquired The Brookhaven, a 209-unit Class-A urban high-rise on the north side of Atlanta‘s exclusive Buckhead neighborhood.
Constructed in 1985, The Brookhaven was updated in 2008, when it was given hardwood floors, custom cabinetry and enclosed sunrooms.
Plans by Wood Partners call for enhancements to common areas in the 17-story building. A state-of-the-art fitness center and a resort-style amenity deck with a water feature, outdoor bar and bocce ball court will be added.
These features will augment an existing amenities package that includes a heated pool, men’s and women’s saunas and lighted tennis court.
The property is situated at 3833 Peachtree Rd., three blocks from a MARTA rapid transit station, and less than two blocks from the center of Buckhead.
What spurred interest by Admiral Capital Real Estate Fund in The Brookhaven?
“This was a failed condo conversion, but the units were completely renovated with condo-like finishes, hardwood floors, granite, and high-end appliances,” Admiral Capital Group’s Dan Bassichis tells MHN.
“Given the complexity of the partial conversion, the pricing was attractive. We look for opportunities to buy high-quality assets in strong locations that have had issues or lack of capital. This was a perfect fit for our strategy,” he says.
The only real challenge that arose in the purchase was getting comfortable with an asset that had both apartments and owned condos in the same building, along with a homeowners’ association.
“We were able to get comfortable with it,” Bassichis says.
Admiral Capital Group founder David Robinson said the company is excited to make its first investment in the multifamily sector, and second investment in Atlanta.
“We have been fortunate to build a diversified portfolio of value-add properties and capitalize on opportunities in the market to acquire high quality assets at a significant discount to replacement cost,” he reports. “This is consistent with our overall fund approach to identify assets that need capital and repositioning, and partner with best-in-class operators like Wood Partners to execute that strategy.”
Residents of the property can expect a champion-level effort from Admiral Capital Real Estate Fund and Wood Partners. “This will be a great change for the residents and prospects,” Bassichis says. “We have brought in a best-in-class management team, are already making improvements in the building, and eventually will improve the amenities and common space, creating a higher-end environment and an improved sense of community in the building.”
“The end result will be a building with the full amenities to compete with the newest comparable apartment buildings,” added Curtis Walker, senior vice president of acquisitions for Wood Partners.