JEM Holdings Acquires Atlanta-Area Multifamily for $68M
Prestwick Cos. sold its 310-unit apartment community, the Eddy at Riverview Landing, which is currently in lease-up.
ATLANTA, GA – New York-based, real estate investment management firm, JEM Holdings, has purchased a 310-unit apartment community in Smyrna, GA for $68.2 million. The company acquired the newly-developed asset, the Eddy at Riverview Landing, from Prestwick Cos.
Situated within a sustainably-minded, mixed-use development along the Chattahoochee River, the Eddy at Riverview Landing is currently in lease-up.
“The acquisition of the Eddy provided an opportunity for us to utilize 1031 benefits while acquiring a beautifully constructed, core asset at a pre-stabilized valuation,” states Mikael J. Levey, CEO and founder of JEM Holdings. “We are excited to continue where Prestwick left off in leasing up the property and to provide our investors with superior risk adjusted returns.”
Cushman & Wakefield’s Robert Stickel, Alex Brown and Ashlyn Warren represented the seller in the transaction and arranged the sale.
“Prestwick had the vision and opportunity to develop Atlanta’s first multifamily assets along the Chattahoochee River in the last 40 years,” says Stickel. “The Eddy at Riverview Landing provides a unique lifestyle for residents with its thoughtful amenities.”
“There are very few places in metro Atlanta to live and play on the Chattahoochee River,” says Chuck Young, partner and EVP at Prestwick Development Company. “We’re very proud of what we’ve created here at Riverview Landing and could not have accomplished what we have here without the City of Smyrna, our debt and equity partners, First Horizon Bank & Palatine Capital Partners, and our contractor, Prestwick Construction.”