Contact Us
News

John Portman's Son Impresses with Debut Project Sale

One of Atlanta's 10 priciest apartment complexes just sold to Coro Realty Advisors and another partner for a hefty $72.5M. 

John Portman's Son Impresses with Debut Project Sale

Upstart JPX Works—led by Jarel Portman, son of famed developer John Portman—and South City Partners (with equity from ELV Associates) quietly put Inman Quarter, the 200-unit apartment and 39k SF retail mixed-use property in the heart of Inman Park Village, up for sale earlier this year and negotiated a pre-sale arrangement with Coro and its partner, TriBridge Residential, that would kick in once JPX and South City Partners reached certain pre-leasing hurdles. As of last month, Inman Quarter was 90% leased on retail and 80% leased—with only 20 units left—on the apartments. ARA Newmark's Dan Phelan and John Weber brokered the eye-popping sale.

John Portman's Son Impresses with Debut Project Sale

According to Databank, Coro paid some nearly $50M, or $247k/door, for the apartment portion that is fetching $2.10/SF, one of the highest multifamily rents in the City of Atlanta. The retail portion was sold for $17.18M, or $441/SF and the 575-space parking deck traded for $5.87M, according to Databank. Inman is host to some of Atlanta's popular chef-driven restaurateurs, including Ford Fry with a new concept, MF Sushi, Craft Izakaya's Richard Tang with a Korean BBQ concept, and Hampton & Hudson, a restaurant owned by the operators of Cypress Street Pint & Plate.