Buckhead, Kennesaw Multifamily Assets Trade
- Aug 26, 2011
Texas-based apartment giant Camden Property Trust has recently paid $39.3 million for The Paces,. a 30-acre-plus Buckead apartment complex. The price tag is a bit smaller than some expected, given that when the deal was announced last month, industry observers estimated the property would command between $40 million and $45 million.
The high-profile site, once targeted for a new Atlanta high school, borders the Cherokee Town & Country Club and upscale homes on Valley Road. In the past year alone, the site has generated interest from more than a dozen developers. The aging apartment complex at 77 East Andrews and Roswell Roads is a likely candidate for a major upgrade, but Camden has yet to confirm such plans.
The Barrett Walk apartments in suburban Atlanta have also changed hands. Pearlmark Real Estate Partners (formerly Transwestern Multifamily Partners) paid $31.7 million for the Kennesaw apartment complex. According to the Atlanta Business Chronicle, seller AMLI Residential and its equity partner, Northwestern Mutual Life Insurance Co. developed the 300-unit-plus apartment complex almost 13 years ago.
Located at 2055 Barrett Lakes Blvd. in Kennesaw, the property features community amenities such as controlled-access gates, a tennis court, a swimming pool with garden waterfall, a fitness center and extensive landscaping. AMLI’s sale of Barrett Walk reflects a shift in strategy that focuses on in-town assets.