Cushman & Wakefield announced that the commercial real estate services firm has arranged the sale of The Monroe, a 217-unit multifamily property in the Brookwood neighborhood of Atlanta. The final sale price was $91 million, equating to $419,355 per unit.
Cushman & Wakefield’s Robert Stickel and Alex Brown represented the sellers, RangeWater & Artemis Real Estate Partners, in the transaction. The multifamily property was acquired by ParkProperty Capital.
“RangeWater Real Estate designed and developed a truly irreplaceable asset and their partner, Artemis Real Estate Partners, elected to harvest strong returns based on Atlanta’s growth trends and property performance,” said Stickel, Executive Vice Chair at Cushman & Wakefield.
The Monroe is perfectly positioned in Brookwood at the intersection of Atlanta’s top Central Business Districts, Midtown, and Buckhead. The property also offers immediate walkability to thousands of medical jobs at Piedmont Hospital’s 1.5 million-square-foot expansion, while being rooted in a highly desirable ‘beachfront’ location on the BeltLine and Bobby Jones Golf Course.
Amenities on-site include complimentary package receiving services, controlled access garage parking, an athletic club, saltwater pool, rooftop lounge with skyline views, and a clubhouse equipped with a kitchen and coffee bar.
“ParkProperty Capital recognized the special nature of this BeltLine fronting asset and their ability to close without financing was a deciding advantage in today’s market,” added Brown, Executive Director at Cushman & Wakefield. “The Monroe also has continued to attract high-end demographics and presented a unique opportunity to acquire a stabilized Core Plus asset in desirable Brookwood with long term sustainability and upside.”
Cushman & Wakefield’s Sunbelt Multifamily Advisory Group is a 95-person investment sales team covering 11 states with No. 1 multifamily market share in that region based on sales volume and transactions reported to CoStar. Per Cushman & Wakefield, in 2021, the group closed $13.8 billion in sales volume through 429 deals and nearly 85,000 units.