RICHMOND, Va., Oct. 11, 2019 /PRNewswire/ -- 37th Parallel Properties Investment Group ("37th Parallel"), a Richmond, Virginia-based multifamily real estate investment firm, announced today the acquisition of Park on Clairmont in Atlanta, Georgia. The acquisition marks the firm's entry into Atlanta, which is a global business hub and serves as the economic capital of the Southeast, ranking fourth in the nation for Fortune 1000 headquarters.
The property is located inside the perimeter and benefits from its proximity to some of Atlanta's strongest economic centers, including Buckhead (115,000+ jobs), Century Center (2mm sq. ft. office), Emory/CDC (40,000+ jobs), and Midtown (95,000+ jobs). An emerging medical district representing $2.5bn in investment is also underway just two miles south of the asset.
Built in two phases - 1984 and 1996 - the asset features a mix of one-, two-, and three-bedroom units with large floorplans averaging 1,074 square feet. Community amenities include a fully renovated clubhouse, fitness center, swimming pool with sun deck, outdoor fire pit and community pavilion, and stainless-steel gas grill stations.
"Through this acquisition, 37th Parallel gains a high-quality asset with substantial upside in a rapidly improving commercial, entertainment, and medical district," said Dan Chamberlain, Managing Partner and Chief Operating Officer. "The asset and its location in the North Atlanta submarket, where demand remains high, new supply is muted, and vacancy is at the lowest level in the metro area, are ideal for our value-add investment approach. With in-place rents more than 15% below its competitive set, this was a particularly attractive acquisition with clear in-place value. We are eager to enter this dynamic market at a time of continued growth for our firm."
The acquisition was funded with new investor equity and will benefit from long term, fixed-rate agency debt financing, arranged by Cutt Ableson and Colin Marusak with Berkadia Commercial Mortgage. The asset will be managed on-site by First Communities Management, based in Atlanta. Shea Campbell and Keith Geiger of CBRE's Southeast Multifamily Team represented the Seller in the transaction.
ABOUT 37th PARALLEL PROPERTIES
37th Parallel Properties is a privately-held, multifamily real estate investment firm based in Richmond, VA. Founded in 2008, 37th Parallel has acquired and managed over 4,500 units and completed transactions totaling $495 million across the Southeast and Texas on behalf of high net worth, family office, and institutional investors. To learn more, visit www.37parallel.com.
SOURCE 37th Parallel Properties