A famed Atlanta multifamily guru is looking to strike it big time in Cobb County. Again.
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John Williams (here), through his multifaceted real estate company, Preferred Apartment Communities, has sent a proposal to regional planners, seeking to develop 450k SF of office, 600 apartment units and 45k SF of retail space right next door to the Cobb Energy Performing Arts Centre. And that means Preferred Apartment Communities needs to buy Galleria 75 Office Park. PAC's Dan Dupree tells us that acquisition is in the works. “We're under contract, but there's a lot of work to be done before closing,” Dan says. “The truth is we're just early in the process.” Dan did not reveal details on the pending transaction.
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The site, on the east side of Cobb Galleria Boulevard, between Cumberland Boulevard and Akers Mill Road, is just over I-75 from its Overton Rise Apartments, the 294-unit gated project it purchased earlier this year for more than $40M. Dan says the mixed-use project is a long-term goal for PAC, and the DRI documents indicate the project build-out to be in 2025.
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