Rentals Trump Condos for NBA Star
|A fund headed by an NBA Hall of Famer just bought a Buckhead condo building to turn it into rental. Which player? The name of his company should give it away: Admiral Capital Group.|
If you don't know, then your bar trivia team will be contacting you with a pink slip later today. The Admiral is the nickname of former Spurs star David Robinson. In a JV with Wood Partners, he picked up the remaining unsold condo units (209 total) at The Brookhaven, a 240-unit multifamily project on Peachtree Street, from The Private Bank for an undisclosed sum, says Admiral Capital Group's Dan Bassichis (left with David, SDM Partners' Steve Martin and USAA's Greg Knowles).
|Dan and the crew above were in town for a broker event at 200 Ashford Center North, a 160k SF office building in Central Perimeter that Admiral and SDM Partners purchased last month in a JV with USAA. Above, David is with Cushman & Wakefield's Gary Waddell (who also played b-ball at the University of Florida). Ashford is Admiral?s second purchase this year. We're told the fund will continue to search for value-add opportunities in Atlanta.|
|Transwestern's Jeremy Adams, and Scotland Wright Associates?Tommy Watkins, Michael Tucker, and Scotland Wright. Despite threats by some to layoff workers if President Obama were re-elected, Tommy tells us he hasn?t seen that in his tenant clientele. However, he also thinks it's "too soon" to know if there will be an impact on commercial real estate demand coming off the election.|