Acquisition is latest in company’s growing commercial and multifamily Atlanta portfolio
Grubb Properties continued the growth of its Atlanta, Ga. portfolio with the purchase of a multifamily property along the vibrant Memorial Drive corridor in the Grant Park neighborhood. The sale was brokered by the Cushman & Wakefield team led by Mike Kemether, Alex Brown, and Robert Stickel, while the acquisition financing was handled by Cushman & Wakefield’s Equity, Debt, and Structure Finance team led by Mike Ryan, Blake Cohen, and Richard Henry.
The property includes two buildings known as The George and The Leonard, which have a combined total of 217 residential units. The purchase price was $48.15 million. Urban Realty Partners developed the property and will remain a partner in the project.
The property’s ground-floor retail features Blue Donkey Craft Coffee, Your Pie Pizza, Farmburger, and dentist Dr. Abbey Lee. The property has signed a lease to add a new retail tenant, and plans to make a separate announcement soon.
The properties are just one mile from Grubb Properties’ forthcoming Link Apartments® Grant Park, which will begin preleasing in fall 2020. Link Apartments® Grant Park will offer 246 studio, one-, and two-bedroom units, and community amenities focused on smart technology and healthy lifestyles.
As part of its commitment to alternate transportation, Grubb Properties has enlisted Copenhagenize, an award-winning urban design firm, to build a state-of-the-art cycle center for Link Apartments® Grant Park. A communal green plaza will connect the community with GlenCastle, a creative adaptive reuse project.
The apartment communities are convenient to the Atlanta BeltLine trail, the King MARTA Station, I-20, and the Downtown Connector, as well as the new retail and restaurant amenities along the Memorial Drive corridor.
“The George and The Leonard are wonderful additions to our Atlanta portfolio, and perfectly located near the amenities and services our residents care about most,” said Clay Grubb, CEO of Grubb Properties. “We are excited that these properties, as well as Link Apartments® Grant Park, will enable us to be a positive presence in the community.”
Mike Kemether, vice chair of the Multifamily Advisory Group at Cushman & Wakefield, said, “The Memorial Drive Corridor is transforming before our eyes, with investments from both institutions like Northwestern Mutual and Goldman Sachs, and with private firms like Grubb Properties, along with municipal commitments to make the area more accessible and enjoyable. The George and The Leonard are perfectly positioned to take advantage of this transformation. I am excited to see the growth of both The George and The Leonard and the corridor over the next five to ten years.”
In June, Grubb Properties purchased 2400 Lake Park, a 104,694-square-foot office building located near SunTrust Park and The Battery. Grubb Properties also owns the Park at Perimeter Center East office property in Dunwoody, as well as Sterling Collier Hills Apartments in Atlanta and Sterling Oaks Apartments in Chamblee.
The George and The Leonard are the latest acquisition for the Grubb Southeast Real Estate Fund VI, which has raised over $100 million so far and will remain open to investors through 2019.
About Grubb Properties
Grubb Properties, founded in 1963, creates exceptional real estate environments and provides premier customer service for our residents and tenants through the repositioning of office buildings and the development of multifamily communities under our nationally registered Link Apartments® brand. Our fully integrated management team identifies strategies that create long-term value for our clients. Grubb Properties’ growth is primarily funded through real estate investment funds with long-term horizons. People who care. Places that matter. For more information, visit www.grubbproperties.com.
About Urban Realty Partners
Urban Realty Partners is an Atlanta based real estate development organization that is committed to creating well planned, mix-use urban developments that enhance their neighborhoods while providing exceptional places to live and work. Urban Realty develops high quality residential and office spaces with supporting retail where appropriate. Their developments have a pedestrian orientation and are convenient to city amenities such as transportation, entertainment, educational, retail and cultural center. For more information on Urban Realty Partners and the company’s recent projects, please visit the website, www.urpatl.com
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
