Drever Pays Zell $30M for Governor's Point

ALPHARETTA, GA-Investor-developer Maxwell Drever, always on the lookout for underdeveloped multifamily products, has picked up what his team believes to be a sleeper in Governor’s Point, a 20-year-old, 90%-leased, class B apartment community in this Atlanta suburb minutes away from 50 million sf of existing office space.

The Drever Opportunity Fund, sponsored by Concierge Asset Management of Tiburon, CA, beat out 14 bidders and paid Chicago entrepreneur Sam Zell’s Equity Residential Properties Trust $30.3 million, or $64,850 per unit, for the 46-acre property located near three regional shopping malls, including the 1.4-million-sf North Point Mall.

Drever’s team had a $2.6-million, equestrian-themed renovation plan on paper even before the deal closed, Joe Gillespie, CAM’s director of acquisitions, tells GlobeSt.com. “With effective average rents at about 64 cents per sf, or about $794 per month, this property can be improved significantly on the rent side,” Gillespie says.