ATLANTA - Cushman & Wakefield has arranged the $16.14 million sale of The Park at Peachtree Hills, a 118-unit apartment community located in Atlanta. Christopher Lyon, Tyler Averitt and Travis Presnell of Cushman & Wakefield represented the seller, St. Clair Holdings, in the transaction. Berkshire Property Holdings acquired the property.
“Park at Peachtree Hills is our second acquisition in the Atlanta market,” said Zamir Kazi, CEO of Berkshire Property Holdings. “We are excited to acquire such a well-positioned asset in Atlanta’s best submarket, and will continue to expand our footprint in such a great city and provide better places to live for its residents.”
The Park at Peachtree Hills has performed well as a result of $796,000 in capital improvements since 2016. Additionally, the property’s proximity to high paying jobs has resulted in a 65% increase in average effective rent since 2010.
“The Park at Peachtree Hills is a unique opportunity in an irreplaceable Buckhead location - one of the most affluent rental markets in Atlanta,” Lyon said. “The buyer plans to reposition this 1960s asset to offer luxury apartment living, while also maintaining affordability compared to the surrounding new apartment developments.”
The Park at Peachtree Hills is situated in the burgeoning Lindbergh submarket of Buckhead, between the Piedmont Road and Peachtree Road corridors with immediate access to GA Highway 400, Interstates 85/75, and MARTA transit. Amenities include electric car charging, a grilling/picnic area, swimming pool and fire pit gathering area.
Cushman & Wakefield’s Sunbelt Multifamily Advisory Group ranks No. 1 in Sunbelt market share based on over 300 transactions and $7.0 billion in multifamily and land investment sales in 2019 (Source: Real Capital Analytics www.rcanalytics.com). Market share reflects sales for Alabama, Arkansas, Northwest Florida, Georgia, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee and Texas. For more information, visit https://multifamily.cushwake.com.