A joint venture of PCCP, LLC and CARROLL has acquired Berkshires at Lenox Park, a 375-unit multifamily community that will be rebranded as ARIUM Lenox Park. The property is located at 2124 Gables Drive NE within the secluded Lenox Park neighborhood in Brookhaven, GA, an affluent northeastern submarket of Atlanta.
“PCCP is excited to once again partner with CARROLL for the acquisition and renovation of a well-located, quality asset in their home market,” said Kevin Chin, Managing Director with PCCP. “We see this as a compelling opportunity to acquire an unrenovated asset in a high barrier-to-entry location with low vacancy that is convenient to major employment centers and amenities.”
The venture intends on undertaking a comprehensive renovation plan to upgrade the unit interiors, amenities, common areas, and exteriors.
Built in 1990, the 12.3-acre garden-style property consists of four, three-story buildings. The unit mix contains 222 one-bedroom units, 102 two-bedroom units, and 51 three-bedroom units ranging in size from 749 sf to 1,353 sf. The community includes a clubhouse, leasing office, fitness center, racquetball court, pool, sun deck, business center, dog park, outdoor grilling and picnic area, social lounge with billiards and an HDTV, package service, and 24-hour controlled access. The property also offers residents eight elevators, air-conditioned corridors and structured parking. Residents at the community benefit from exclusive access to Lenox Park, a 22-acre park featuring a lake, walking/running trails, and a mixed-use complex with 1 million sf of office and a 150-key hotel.
The property is just east of the yellow MARTA line, which separates Brookhaven from Buckhead, the premier live/work/play area within the Atlanta region. Buckhead is 1.5 miles from the property and offers more than 90,000 jobs and 24 million sf of office space. Additionally, the property is proximate to the emerging Brookhaven Medical District, which has received $2.5 billion in recent capital investments and will be home to the 70-acre campus of Children’s Healthcare of Atlanta and Emory University’s Healthcare 60-acre campus. I-85, the primary highway into Atlanta, is 1.5 miles north of the asset, providing residents with accessibility to Atlanta’s employment nodes.