Published on May 27th, 2015 |1
Crescent Howell Mill project sold to Berkshire Group affiliates
The transaction is part of the sale of a nine-property, $700 million portfolio of Crescent Communities-developed assets in the Southeast.
Berkshire’s affiliates have also purchased three other assets in the portfolio and are expected to acquire two more, according to Crescent Communities. UBS Global Asset Management is the buyer of the other three portfolio properties.
Metropolitan at Buckhead on the market
ARA Newmark’s Dan Phelan has a real piece of Buckhead history for sale, the Metropolitan at Buckhead—one of the first multifamily projects developed near Lenox Square in what was then considered a suburb of Atlanta.
Phelan was tapped by LA-based Aslan Realty Group to sell the Lenox Road 431-unit complex, which was built in 1961 and was bought by Aslan in 2007 for $41.5 million. Now, it’s shooting for in excess of $50 million.
Phelan said occupancy is high and it offers the ability for a new owner to raze two of the buildings and go mid-rise with another 350 units. Another key feature—despite its age and a fire that destroyed a handful of units in 2013—is its proximity to the Lenox MARTA station, which is being eyed for redevelopment in the next few years.
Two Securities Center recently sold
Atlanta Property Group (APG), an Atlanta-based real estate investment firm, has closed on its acquisition of Securities Center, a two-building, 531,000-square-foot office campus located at 3490 and 3500 Piedmont Road near the intersection of Piedmont and Lenox roads.
APG purchased the office complex from LNR Partners, which had foreclosed on the property in November 2011. APG has purchased 10 office properties spanning 3 million square feet in the metro Atlanta area since mid-2010.
APG will lease and manage Securities Centre, with plans to complete a multi-million dollar renovation to the property during its first year of ownership.