UNC, Admiral Capital Acquire Atlanta M-F Project

The University of North Carolina Kenan-Flagler Business School’s Real Estate Fund II (KFBS-REFII) has co-invested, along with Admiral Capital Group and Wood Partners, in Brookhaven, a 17-story, 209-unit Class A multi-family building in Atlanta’s Buckhead area.

The University of North Carolina Kenan-Flagler Business School’s Real Estate Fund II (KFBS-REFII) has co-invested, along with Admiral Capital Group, of San Antonio, and Wood Partners, of Atlanta, in Brookhaven, a 17-story, 209-unit Class A multi-family building in Atlanta’s Buckhead area, the parties announced Thursday. Financial terms were not disclosed.

As Commercial Property Executive reported on Nov. 12, a joint venture of Admiral Capital and Wood Partners acquired the building, a broken condominium built in 1985, in early November. As the general partner, Wood Partners led the acquisition. 

The building, at 3833 Peachtree Road, underwent renovation in 2008, when its interiors were modernized with hardwood floors, custom cabinetry, granite counters, stainless steel appliances and enclosed sunrooms.

As of November, Wood Partners planned to enhance the common areas with expanded parking, a fitness center and a resort-style amenity deck with a water feature, outdoor bar and bocce court. Existing amenities include a heated pool, men’s and women’s saunas, and a lighted tennis court.

Wood Partners has close ties to UNC. Founder Leonard Wood earned his MBA from Kenan-Flagler in 1972 and has since donated $4 million to establish the Leonard W. Wood Foundation for Excellence in Real Estate and endow the Leonard W. Wood Center for Real Estate Studies.

 

Kenan-Flagler’s two real estate funds were formed with the dual missions of providing competitive financial returns to investors and giving UNC undergraduate and MBA students first-hand real estate experience. That experience includes the opportunity to establish personal and professional relationships with national real estate developers and investors.

KFBS Real Estate Fund I, which was established in 2007, is fully invested. Fund II was formed in 2011 and is currently in its investment period.

Recent investments by the student-managed funds include a portfolio of industrial properties in the Dallas–Fort Worth area, a hotel development in Charleston, S.C., and retail centers in Charlotte, N.C., and Washington, D.C.

The funds “typically co-invest alongside another fund, developer or other type of sponsorship on our investments,” Kirk Mobley, Kenan-Flagler MBA Class of 2013, told CPE. The transactions are thus not “acquisitions” in the truest sense of that word, he added.