Admiral Capital Group, in a JV with McCann Realty Partners, purchased Howell Bridge Apartments, a circa-1980s garden-style apartment property with 256 units in Duluth.
Admiral was co-founded in 2008 by NBA Hall of Famer David Robinson, above, and the company name stems from a nickname he got from his US Navy days. The price of the trade was not disclosed.
The JV now plans to begin some serious property updating. Admiral co-founder Dan Bassichis tells us the property fits the company's value-add strategy with near-term opportunities to significantly improve the overall positioning of the property, including interior, exterior and common space upgrades.
McCann VP Thomas Upson says the JV expects the renovations, coupled with improving employment growth in Atlanta, could help the owners push up the value of the property. Last year, Admiral, in a JV with SDM Partners, sold 200 Ashford (here), the 160k SF office building in Central Perimeter, to Parmenter Realty for $20M.
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