California Apartment Investor Nabs Sandy Springs Tower: The Atlanta Deal Sheet
A California multifamily firm has purchased and rebranded a 300-unit apartment tower in Central Perimeter.
An LLC tied to Irvine, California-based Trinity Property Consultants shelled out $53.2M for the apartment tower at 789 Hammond Drive in Sandy Springs, according to the Georgia Superior Court Clerks' Cooperative Authority database. The seller was an LLC tied to Alabama-based Ascent Residential.
The property, formerly known as The Eva, is now named ReNew Perimeter View, the Atlanta Business Chronicle reported. Trinity paid 28% less than what it sold for in 2023, when Ascent acquired the tower for $73.5M, according to Fulton County records.
According to the Cooperative Authority database, Ascent obtained a $46M loan from Virginia-based Greystone Servicing Co. in 2023, which was set to mature in November 2033.
Apartment sales of $20M or more in Atlanta have risen to their highest level since 2022, according to a second-quarter Marcus & Millichap report. Institutional investors are increasingly drawn back to the metro area due to declining vacancy, a sign that landlords have finally moved through the supply glut, according to the report.
SALES
Nonprofit giant Goodwill purchased a government-leased office building in Savannah for its own operations.
Goodwill bought 761 Wheaton St., a five-story, 110K SF office building in Downtown Savannah for $19.7M, according to a press release from Bull Realty, which was tapped to market the property for sale. According to Chatham County property records, the seller was the Savannah Economic Development Authority.
But the authority’s ownership was for tax reasons, allowing both the previous owner — a group of local Savannah investors — and Goodwill to obtain property tax breaks on the facility, said Bull Realty CEO and founder Michael Bull.
The Georgia Division of Family and Children Services was the previous tenant in the building but downsized its lease to occupy half of 761 Wheaton. Goodwill will occupy the other half, Bull said.
Cushman & Wakefield/Gilbert & Ezelle’s John Gilbert and William Arnold brokered the deal for Goodwill. Bull Realty’s Austin Bull also brokered the sale.
PERSONNEL
Colliers has tapped Randy Fink as its managing director and market leader for the Atlanta office, tasked with overseeing brokerage operations, including recruitment, retention and business development.
A 25-year veteran in the commercial real estate industry, Fink last served as CEO of Colliers Middle East and North Africa and Asteco Property Management.
DEVELOPMENT
CIM Group is prepping further development at its landmark Centennial Yards project in Downtown Atlanta.
CIM’s development arm is in the early stages of planning for 280 apartment units, some of which will be affordable, and dozens of retail shops, the Atlanta Journal-Constitution reported. The 12-story building, set to rise next to the Richard B. Russell Federal Building, will have 62K SF of retail space, according to the AJC. CIM will also develop a 500-plus-space parking deck four stories below ground.
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Landmark Properties and Paceline Equity Partners broke ground on The Standard at Kennesaw, a 656-bed off-campus student housing project at 112 Townpark Drive, just a mile from Kennesaw State University. The five-story student housing facility is slated to deliver in time for the 2028 academic year.
The project will include 157 apartment units as well as a cafe, rooftop pool with a Jumbotron, clubhouse, fitness center, golf simulator and grilling area with fire pits.
