Apartments Near Truist Park Trade For More Than $70M: The Atlanta Deal Sheet
A luxury apartment complex within walking distance of the home turf of the Atlanta Braves has a new owner.
DWS Asset Management purchased the Revel Ballpark, a 275-unit mid-rise apartment complex at 2855 Crescent Parkway. The complex is adjacent to The Battery Atlanta, the mixed-use destination that includes Truist Park, according to the Georgia Superior Court Clerks' Cooperative Authority database.
Atlanta-based Atlantic Residential sold Revel for $72.2M earlier this month. Atlantic developed the property in 2019 and continues to own and operate The Reserve at the Ballpark apartments.
Revel features a resort-style swimming pool, CrossFit-inspired gym, rooftop sky lounge, outdoor kitchens and fire pits, a complimentary coffee and craft beer bar, and a residential entertainment room, according to Atlantic’s website.
SALES
BKM Capital Partners, in its $1.5B joint venture with Kayne Anderson Real Estate, purchased a portfolio of flex industrial properties throughout Metro Atlanta, encompassing eight buildings and more than 400K SF.
Berkeley Partners and Brookfield Secondaries Group sold the portfolio, according to a press release. Terms of the deal were undisclosed.
The properties include the 117K SF Rubicon Business Center in Smyrna, the 60K SF 3400 Corporate Way in Duluth, and the 58K SF 4938 S. Atlanta Road complex in Cobb County.
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ECI Group and Marcus Partners teamed up to purchase Riverside Parc Apartments, a seven-building, 280-unit complex at 1925 Waycrest Drive in Atlanta, from an LLC tied to Massachusetts-based Panther Residential Management for an undisclosed sum.
According to Fulton County property records, the complex was valued at $40.4M last year and last sold in 2015 for $27.6M. Newmark’s Purvesh Gosalia and Hayden Hedrick brokered the sale.
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Nuveen Real Estate bought 955 Hurricane Shoals Road, a 64K SF flex industrial property in Lawrenceville, from an LLC tied to New York-based Link Logistics Real Estate for $20.7M, according to GSCCCA database records.
Link also sold the 164K SF 1685 Boggs Road flex facility in Duluth to Nuveen for $27.7M, the 76K SF 3645 Southside Industrial Parkway in Atlanta for $24.2M, the 177K SF 3700 Southside Industrial Parkway for $35.1M, and the 346K SF warehouse at 1100 Laval Blvd. in Lawrenceville for $42.9M.
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An LLC tied to Pennsylvania-based Alterra IOS picked up the 118K SF 2100 Barrett Lakes Blvd. warehouse in Kennesaw for $21M from Ocala, Florida-based RLR Investments, according to GSCCCA records.
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An LLC tied to Irvine, California-based Trinity Property Consultants purchased the Elme Marietta, a 420-unit apartment complex in Cobb County, for $58.2M from Elme Communities, according to GSCCCA records.
DEVELOPMENT
The Atlantic Cos. is redeveloping the former Myers Carpet building at 1500 Northside Drive into a retail-anchored mixed-use project. The 2.7-acre site along the Atlanta BeltLine will be adjacent to The Grove, Monday Night Brewing’s taproom. Atlantic plans to transform 10,500 SF into restaurant and retail space and create a 7K SF showroom and 3,700 SF of flexible office space.
SRS Real Estate Partners’ Brittany McCall was tapped to lease up the retail space, while Capital Real Estate Group’s Paul Reese is heading up office leasing.
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Crescent Communities is breaking ground on Render Tucker, a 312-unit apartment complex at 2059 Northlake Parkway in Tucker. The developer expects to deliver Render on the 13-acre site by summer 2027.
Crescent also announced plans for a Novel apartment development in Decatur, as well as plans for an office and apartment tower in Buckhead.
Chuo Nittochi Group is Crescent’s equity partner in the Tucker project, and Santander Bank is the lender.
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DSM Real Estate Partners and Stafford Development Co. broke ground on The Chambray, a 125-room boutique hotel that will be part of Hyatt’s JdV Collection, along historic Canton Street in Downtown Roswell, the Atlanta Business Chronicle reported.
The $30M hotel, which is set to be operated by the Indigo Road Hospitality Group, is at the corner of Alpharetta Highway and Fraser Street. It will include a street-level Mediterranean restaurant and a rooftop sushi bar.
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Selig Enterprises is looking to add more than 2M SF to its adaptive reuse project The Works. The firm filed an application with the Georgia Department of Community Affairs, which evaluates developments that will impact regional infrastructure.
Selig plans to build 1M SF of residential space and 1.2M SF of unspecified commercial space, according to the permit.
A spokesperson for Selig told The Atlanta Journal-Constitution that there were no timelines for development for the second phase.
“We are working closely with the Upper Westside (Community Improvement District) and local neighborhood groups to gain insight and feedback throughout the process,” the spokesperson said.
PERSONNEL
Atlanta-based Portman Holdings tapped Scott Ziegler as senior vice president for mixed-use developments, tasked with sourcing new projects in Sun Belt markets, including in Florida and the Carolinas.
Ziegler, who handled some $8.5B in investments in his career, was most recently a managing director at Hines.
