Excerpted from GlobeSt.com story.
ATLANTA, GA–Tenth Street Ventures and Braden Fellman Group have purchased 13 apartment buildings in the Morningside / Lenox Park neighborhood of Atlanta, with plans to collectively rebrand the properties as one complex, The Piet.
The nearly $42 million transaction consists of 1960’s- and 1970’s-eras buildings, acquired from three different owners, totaling 335 units across 12.5 acres.
The Piet will be anchored by an apartment building at 2175 Lenox Rd. The firms plan to connect the buildings with walking trails, two pools, several dog parks, numerous grill stations, bocce ball courts and putting greens, creating one cohesive, garden-style apartment complex.
The firms additionally intend to unify the properties by having artist, Chastain Bernard paint the buildings’ exteriors, inspired by the neoplasticism movement, using vertical and horizontal shapes in black, white and primary colors.
CBRE finance partner Yakhin B. Israel secured $40.9 million from MF1 Capital to finance the portfolio’s acquisition and renovation. The loan was funded in two phases to accommodate the sponsors’ closing timeline. Recently, Israel and MF1 also arranged a bridge loan for the acquisition and renovation of a 67-unit apartment community in Decatur, GA for the joint-venture partners.
Franklin Street’s Atlanta multifamily investment sales team of Jake Reid, Chad DeFoor and Roger Schoerner brokered the deal. Wesley C. Turner of Krevolin & Horst served as the real estate attorney for the deal.
The transaction is part of the two firms’ strategic partnership to create affordable housing options in the Atlanta area.