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An embattled Chicago developer parted ways with an apartment tower it recently completed in Midtown Atlanta.
CA Ventures has sold 903 Peachtree, a 427-unit, 33-story apartment building that opened last year, to fellow Chicago real estate firm Waterton, the buyer announced Thursday.
The price of the deal was $118.6M, which works out to roughly $278K per unit, the Atlanta Business Chronicle reported.
“The acquisition of 903 Peachtree is a great opportunity to leverage Waterton’s in-house operations platform to complete the lease-up of a new, well-amenitized high-rise,” Waterton Senior Vice President of Acquisitions Julie Heigel said in a statement.
That price represents a significant discount for a newly constructed building — a similar trade would have happened at north of $400K per unit as recently as two years ago, the ABC reported.
CA Ventures got a $101M loan in February 2020 from QuadReal Property Group to fund the construction of the tower, according to the Reonomy property database.
Investors sued the developer earlier this month, claiming CA Ventures executives diverted funds intended for developments to pay off loans at other investments. It has been fielding lawsuits across the country, including a $72M foreclosure at a Houston senior living facility and a $10.5M lawsuit from a co-developer in West Sacramento, California. Its attorney in a separate case also claims the developer owes him $3M in legal fees.
CA Ventures also listed a Chicago apartment building it developed for sale in June.
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