ATLANTA-CB Richard Ellis’ investment fund is continuing itsaggressive multifamily acquisition spree with the purchase of twotrophy-quality apartment communities within Atlantic Station, anaward-winning, mixed-use development next to Midtown. CB RichardEllis Investors’ Multi-Housing Group led the purchase of the Iconand Plaza District for the fund.

Built in 2006, Icon is located at 391 17th Street NW and spans 242units in four buildings. Icon was recognized at the 2007 SoutheastBuilding Conference as the best rental community in Georgia and thebest property in its category in the 12-state southeast region.Park District, which was built in 2004, is located at 401 17thStreet NW and offers 231 units across five buildings.

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“We’ve been targeting select acquisitions within Atlanta to addto our portfolio,” Steve Zaleski, managing director for CB RichardEllis Investors’ Multi-Housing Group, tells GlobeSt.com. “Weparticularly like the Midtown submarket. In Atlanta, rents haveretreated to a level pretty consistent to where they were about 10years ago. There’s a lot of upside for the market to recover,coupled with the really low historical levels of newdevelopment.”

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Both properties, which have a combined occupancy of 91.1%, offera variety of floor plans with contemporary finishes, includingample natural lighting, nine-foot ceilings, crown molding andpremium cabinetry, lighting and plumbing fixtures. The propertiesalso feature swimming pools, sundecks, business centers, privategardens, theater rooms and fitness centers.

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Both Icon and Park District overlook a small park and theMillennium Gate and are close to the Georgia Tech golf course. Theproperties have visibility and access from I-78/I-85, the majorthoroughfare for commuters coming to and from Midtown and DowntownAtlanta.

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Zaleski says Atlantic Station offers a true live-work-playenvironment with retail and restaurant and office component.“Atlantic Station is one the only areas within the broader Atlantamarket where you have a true vehicle-free lifestyle,” he says,“with amenities right outside your door, a walkable environment,and access via a shuttle bus service that takes you over the 17thStreet bridge which connects to the MARTA public transportationsystem.”

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