Clark Ventures, a privately-held firm specializing in the acquisition, operation and development of upscale apartment communities, has sold Park at Abernathy Square for $132.6 million.
The Cushman & Wakefield team of Mike Kemether, Travis Presnell and James Wilber represented Clark Ventures in the sale. Stockbridge Capital Group was the buyer.
The 484-unit community is in Sandy Springs, just north of Atlanta, Georgia, in the Central Perimeter submarket. Clark Ventures acquired the 35 acre property in 2015, successfully executing a value-add strategy by investing over $18 million in property-wide renovations and a re-imagined amenity set.
Clark Ventures will redeploy the capital to acquire high-quality multifamily communities in desirable markets across the South. The Atlanta-based company operates a 4,200 unit portfolio in metro Atlanta and is expanding into Sunbelt states including Alabama, Tennessee, the Carolinas and Florida.
“Clark Ventures is pleased to announce the sale of Park at Abernathy Square, an example of a well-executed plan by a dedicated team,” said Josh Mudd, President of Clark Ventures. “We congratulate Stockbridge Capital for picking up a high-performing asset with ample room to run in this strong market.”
The Atlanta-based firm’s operation and investment resulted in 98 percent occupancy and tremendous gains in collections. Built in 1977 by Post Properties, Park at Abernathy Square now boasts luxury interior finishes and top-of-the-market amenities, including a new clubhouse and a resort-quality pool.
As part of its green-up initiative, Clark Ventures replaced all windows with low-e glass panes, installed EV chargers and installed NEST smart thermostats in every unit. It also replaced roofs and gutters, all of which resulted in substantial energy savings for residents.
Located at 6925 Roswell Road, it is near one of metro Atlanta’s largest employment centers with more than 35 million square feet of office space and more than 600 technology companies.