ATLANTA, Aug. 26, 2019 /PRNewswire/ -- PPD Holdings Investment Group, in partnership with The Residential Group, sold District at Duluth, a mid-garden style mixed-used development they designed and built, to Principal Real Estate Investors in December of 2018 for $83 million. The property, with a prime location in the heart of downtown Duluth, Ga., includes 370 luxury apartments, 11 live-work townhomes, one-bedroom penthouses and 15,000 square feet of commercial space, and was on the open market for less than three months. The transaction highlights a series of recent developments for PPD, which also includes securing land for projects in Oakwood and Flowery Branch in Georgia, and the impending opening of a property in Bonita Springs, Fla.
"The development and sale of District at Duluth continues an exciting growth period for PPD Holdings," PPD Holdings CFO Laura Drucker said.
"The lease and sale of District sets a new high-water mark for the sub-market and TMG is thrilled to be a part of it," said John Paul Diego, President of The Management Group.
In Oakwood, PPD secured land in February for a 348-unit multifamily garden style project. That followed a land purchase in Flowery Branch in July of 2018, which will be used for a 338-unit multifamily development. Construction for the properties is tentatively set to begin in September of 2019.
In Florida, The Crest at Bonita Springs has tentative plans for a clubhouse opening in late Q4, followed by occupancy in Q1 of 2020. The Crest at Bonita Springs will consist of 264 units in six three-story buildings, with a mix of one-, two- and three-bedroom floorplans. Situated between Naples and Fort Myers, the property has main thoroughfare to Gulf beaches, easy access to I-75 and a number of retail outlets within walking distance.
About PPD Holdings Investment Group
PPD Holdings is an investment company based in Atlanta that specializes in multifamily real estate and service-related industries across the Southeast. With over 30 years of combined experience, PPD Holdings has invested in assets worth more than $1 billion since its founding in the early 1990s. For more information, visit www.ppdholdings.com
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SOURCE PPD Holdings Investment Group