| We chatted with Parmenter Realty Partners' John Davidson the other day, fresh from his big purchase of The Lenox Building from Clarion Partners. John says Parmenter was attracted to the 350k SF tower because of the mounting growth in the Buckhead market. ?We [made] pretty conservative underwriting assumptions,? he says. ?We're not expecting Buckhead to turn around overnight.? The company plans to undergo up to $400k in cosmetic upgrades. John also says Parmenter continues to scout Atlanta for other value-add assets to buy, typically with a three- to five-year hold time before it sells again. (So check back again when the Olympics are in Rio instead of London.) |
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