StoneBridge Investments of Washington, DC has acquired 550 Abernathy Apartments, a 228-unit apartment community in the greater Atlanta submarket of Sandy Springs, for $31 million. The property is located at 550 Abernathy Road NE within Perimeter Center, a fast-growing “edge city” that encompasses three small cities: Brookhaven, Dunwoody, and Sandy Springs. It is Atlanta’s largest employment center, with over 123,000 employees, 31 million SF of office space, three major hospitals, and six million SF of retail space including the 1.5 million SF Perimeter Center Mall.
Philadelphia-based Lubert-Adler Partners has successfully exited an equity and debt investment through the sale of two suburban shopping centers – one just outside Atlanta, GA and one in Lexington, KY. The combined sales price for both centers was $336 million. Forum Peachtree Parkway, a 500,000 square foot lifestyle center just outside Atlanta in Norcross, GA, was sold to AEW for $150 million. The majority of space at Hamburg Pavilion, a power/lifestyle center in Lexington, KY with over one million square feet of retail space, sold for $186 million to Starwood Capital.
Atlanta City Council member Joyce M. Sheperd and other local officials joined to dedicate a newly renovated rental townhome community, The Villas at Lakewood, which is now providing much-needed affordable housing options for nearly 200 families. Virginia Beach, VA-based Hercules Real Estate Services (HRES), one of the leading affordable housing developers on the East Coast, […]