Atlanta, Georgia
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.
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This project aligns with Tenth Street Ventures' strategy to acquire older properties within target markets in Atlanta. It is currently raising funds for various projects to be carried-out this fall.
Recent projects for the Tenth Street Ventures include Studio9Forty, an apartment project that opened this spring near Piedmont Park with optional Airbnb use; Portico, a development project in Buckhead, with 2-bedroom condos for sale for as low as $275,000; a recently purchased apartment complex in Midtown which includes Tin Lizzy's, Sutra Lounge and 14 units for a mixed-use project; and a joint-venture acquisition with Braden Fellman Group of three Decatur apartment complexes, with plans to renovate more than 100 units.
Tenth Street Ventures is a full-service real estate group, which focuses on acquiring and enhancing assets in growing submarkets through imaginative projects. In the past two years, the firm has grown to more than $100 million in assets under management and more than 500 units nationally.
Braden Fellman Group, founded in 1981, is an owner and manager of more than 1,700 apartments units and 55,000 square feet of commercial space in metro Atlanta. The firm provides real estate, management and construction services within the multifamily sector.
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Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
