In what is believed to be the largest multifamily transaction in Atlanta in 2021, CGI+ Real Estate Strategies (CGI+), in partnership with a family office, has acquired a two-property, 712-unit multifamily portfolio in Atlanta, GA from an affiliate of FPA Multifamily in an off-market transaction for $144.75 million.
The portfolio includes The Mille Brookhaven, a 359-unit community built in 2014, and TwentyNine 24 Brookhaven, a 353-unit community built in 2009. The two adjoining properties are located in the dynamic Atlanta submarket of Brookhaven which is experiencing major development, highlighted by a new $2.5 billion medical district that is currently being constructed by Emory University and Children’s Healthcare of Atlanta (CHOA).
“This is a significant acquisition for CGI+ and the first of what we plan will be more than $1 billion in investments we make throughout the Southeast over the next 24 months,” said CGI+ CEO Gidi Cohen. “Our ongoing focus is to build our Southeast portfolio through both acquisitions and development, the same strategy we’ve successfully deployed in the Los Angeles and New York markets.”
After being brought the opportunity by Russ Hardy in Berkadia’s Atlanta office, CGI+ completed due diligence, secured the equity, assumed the existing debt and closed on the price under contract in under 90 days, reinforcing the firm’s reputation for certainty of execution, according CGI+ Managing Partner, Southeast Region, Mark Cohen.
“Our success in the market over the past 10 years has enabled us to build strong relationships that have contributed to our ability to unearth attractive opportunities and find ways to win those deals,” said Cohen. “This investment gives us a substantial amount of scale off which to further expand our footprint in the market.”
Mille Brookhaven, located at 1000 Barone Ave. NE, is adjacent to TwentyNine24 that is located at 2924 Clairmont Rd. Both properties offer a mix of one-, two- and three-bedroom floor plans, vaulted ceilings chef-inspired gourmet kitchens with stainless steel appliances, quartz countertops, in-unit washers and dryers, upgraded flooring, built-in workspaces, and wraparound balconies and terraces.
“In the last 12 months more than 37,000 new health services and educational jobs were created, with many of those located near both properties, ” added CGI+ Acquisitions Associate Sterling Gutting, who was part of the acquisitions team. “While there have been a few new developments completed in the market and a few in process, the increasing employment opportunities continue to drive migration to the area, creating ongoing need for quality housing.”
