Atlanta’s Oldest Apartments Purchased in Mixed-Use Deal
- Jul 17, 2015
A mixed-use property in Midtown Atlanta, part of which is arguably the city’s first ever multifamily apartment development, changed hands. Located between W Peachtree St. and Spring St., the first residences at Baltimore Row were built in 1885 and today the property is a National Historic Landmark. Dion Meltzer of Meltzer Properties and Chaz Y. Lazarian, Esq. of Insignia LLC purchased the 125,000 square-foot property in partnership with Gamma Real Estate. The transaction was worth $10 million.
Baltimore Row L.P sold the asset and Del Creviston of Sperry Van Ness represented the partnership in the transaction. Chaz Y. Lazarian, Esq. spoke on behalf of the buyer. The new owners will invest $2.5 million in renovations to the 100,000 square feet of leasable commercial space and common areas of the building beginning in August, with a projected completion date in December 2015. The fully renovated loft office space will serve the neighborhood surrounding Emory University Hospital’s Midtown campus. Additionally, Baltimore Row’s 15 rooftop townhome apartments will undergo major renovations and will be sold as condominiums.
Randy Beavers and Laura Stephens of Cushman & Wakefield will be in charge of office leasing duties for Baltimore Row. The company will also be responsible for property management.
Image source: baltimorerow.com