A Dallas-based asset management firm bought a Buckhead apartment complex from Passco Cos., whose founder died this past summer.
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Orix USA purchased The Kendrick, a 423-unit garden-style apartment community at 925 Canterbury Road, for $87.5M — a nearly 18% drop from the 2019 purchase price of $106.4M, according to Fulton County property tax records and sales tax records in the Georgia Superior Court Clerks' Cooperative Authority database.
Orix plans a capital improvement program to modernize the circa 1998 property, according to a press release.
The Kendrick was part of a larger portfolio of apartments acquired by Orix, including two properties in Texas valued at $200M in aggregate, according to Orix. It was unclear if Passco was the seller of the other properties.
“These acquisitions underscore our continued focus on seizing compelling investment opportunities where our balance sheet strength, active ownership approach, and disciplined property-level execution can drive meaningful value creation,” Orix Managing Director Max Dobrushkin said in the release.
SALES
An LLC tied to Children’s Healthcare of Atlanta purchased 5775 Peachtree Dunwoody Road, a 623K SF Central Perimeter office building, from The Simpson Organization for $68.5M, according to sales tax records in the Georgia Superior Court Clerks' Cooperative Authority database.
Simpson purchased the building in 2015 for nearly $54M, according to Fulton County property records.
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An LLC tied to Irvine, California-based Trinity Property Consultants purchased Belmont Crossing apartments in Smyrna for $20.3M from Texas-based Simfa Belmont Fee Simple LLC, according to sales tax records in the Georgia Superior Court Clerks' Cooperative Authority database.
The LLC purchased the apartments in 2021 for $28.1M, according to Cobb County property records.
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Oakwood Station, a 27K SF neighborhood strip mall located at 3885 Mundy Mill Road in Hall County, sold to Oakwood Station Ltd. for $13.3M from Vitruvius Properties, according to sales tax records in the Georgia Superior Court Clerks' Cooperative Authority database.
The buyer’s address is attached to commercial real estate brokerage firm Partners Real Estate, according to records.
Partners’ Shea Meddin and Brooke Gothard brokered the sale for the buyer, while Skyline Seven Real Estate represented the seller.
The strip center, located off Interstate 985, includes Peachtree Immediate Care, Taco Madre Mexican Grill, American Deli and Metro by T-Mobile, among other tenants. The previous owner paid $8.3M for the property in 2020, according to Hall County tax records.
DEVELOPMENT
California-based Kennedy Wilson is partnering with Shimizu Corp. to turn a former UPS office building in Sandy Springs into a luxury apartment complex. The two companies announced plans to develop Caldwell, a 382-unit property on nearly 7 acres at 35 Glenlake Parkway, which Kennedy Wilson purchased last year from the shipping giant for more than $16M.
The $139M development is expected to open in 2028.
PERSONNEL
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Alabama-based multifamily investment firm StoneRiver Co. is expanding into Atlanta and has tapped Jacob Linsky as senior vice president of capital markets and investor relations for its new metro area office. Linsky, with more than a decade in the multifamily investment industry, has been involved in more than $1B of capital formation during his career.
Linsky will work alongside StoneRiver’s Mollie Seymour.
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Stream Realty Partners tapped John Cantrell as the firm’s new vice president of workplace strategy based in its Atlanta office. Cantrell joins Stream from design firm Gensler and will work alongside Craig Wilson and Greg Katz.
LEASING
HVAC and plumbing system designer Corvant leased 114K SF at LogistiCenter at Bright Star in Douglasville. The firm is taking the full distribution center located off Interstate 20 West.
Hughes Commercial Real Estate’s Mason Marsteller represented the landlord, Dermody, while The Realty Group’s Angie Henry represented Corvant.
FINANCING
Jamestown refinanced two Central Perimeter shopping centers — Parkside Shops and Hammond Exchange — with a new $72M loan from global investment giant KKR. The properties, totaling 340K SF, are anchored by a nearly 50K SF Whole Foods market and include other tenants such as Marshalls, HomeGoods, Petco and The Springs Cinema & Taphouse.
Cushman & Wakefield’s John Alascio, Alex Hernandez, Alex Lapidus, Mitch Rothstein and Nick Scibelli and Retail Advisory Group’s Mark Gilbert arranged the financing for Jamestown.
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