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.
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.
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.