An Atlanta developer has received funding to buy a Westside Atlanta parcel on which it plans to build a 137-unit multifamily complex.
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Windsor Stevens Holdings has secured a $4.5M U.S. Department of Housing and Urban Development bridge loan via Plymouth Funding to purchase a 1-acre tract bounded by Donald Lee Hollowell Parkway and Oliver, Wheeler and Lindsay streets a block from the Westside BeltLine. Windsor Stevens founder Rod Mullice told Bisnow his firm plans to break ground on the project, called The Proctor, in the fourth quarter.
Sixteen of the 137 units are being reserved for those earning 50% of the area median income, and five other units will allow renters space to operate a business as well. The units will be built above 5K SF of retail. The market-rate rents are slated to range from a little over $2K a month to $2,900.
DEVELOPMENT
Wolfe Investments and BlueLofts are set to break ground on the transformation of the historic Grant Building in Downtown Atlanta into a residential loft project this week. The 10-story, 125K SF building in the Fairlie-Poplar neighborhood was purchased by the joint venture in 2022 and will be converted to include 165 apartment units. Amenities are set to include a clubhouse, a business center, a fitness center and yoga studio, a private spa and social spaces for residents.
PERSONNEL
Foundry Commercial, which entered the Atlanta market last month with the purchase of the boutique brokerage firm Southsource, has hired Scott DeMyer as senior vice president and Grace Thompson as vice president in its office leasing division. A more-than-20-year veteran in Atlanta CRE, DeMyer most recently worked for CIM Group. Thompson spent the past 10 years with Atlanta Property Group.
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JLL Atlanta hired Amanda Madrid as senior vice president in its property management team. With more than 30 years of experience, Madrid most recently worked with Cushman & Wakefield where she was managing director. JLL is tapping Madrid to focus on the North Fulton County submarket and creative office and life sciences buildings throughout the metro area.
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SALES
Northland and Ascent Property Management have purchased Glenwood at Grant Park, a 216-unit apartment complex in the Grant Park neighborhood near Midtown. The price of the acquisition wasn't disclosed.
According to Fulton County tax records, Glenwood at Grant Park was appraised at $56.3M this year. The title is held by the Development Authority of Fulton County, which indicates that the previous owner secured tax incentives for the project. The seller's identity couldn't be immediately determined.
ASSIGNMENTS
The Atlantic Cos. has tapped Lincoln Property Company Southeast Executive Vice President Michael Howell, Vice President Caroline Fisher and associate Robert deGolian to lease 1075 Big Shanty Road, a 72K SF office building in Kennesaw. 1075 Big Shanty has 20K SF left to lease.
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