Phoenix Life Sells Stonemill of East Cobb Apartments

Phoenix sold the asset through its advisor, Henderson Global Investors, a subsidiary of London-based Henderson Group PLC. The 256,500-sf property is comprised of 33 two-story and three-story buildings housing a mix of garden apartments and townhouses. Amenities include 401 surface parking spaces, a swimming pool, tennis courts, fitness center and clubhouse facilities.

The property is on Delk Road in northwest Cobb County and includes a historic stone mill building near the intersection of Interstates 75 and 285 where the regional headquarters of Publix Super Markets Inc. are located.

The buyers acquired the property at this time because of the multifamily market's recovery. "We believe the Atlanta multifamily residential market has turned around and is beginning to show improved occupancies, making it one of the most currently attractive apartment markets in the southeastern US," says Theodore R. Gamble Jr., Prescott's managing director.

Gamble adds, "Stonemill is an extremely attractive property and, unlike other similarly situated projects, has already undergone a major renovation in the early 1990s." He says Prescott and TVO jointly "expect to increase tenancy, enhance revenues and improve operating margins through more hands-on management and leasing."

Gamble says the joint venture partners are looking for "similarly attractive investment opportunities" in metro Atlanta. "This investment is part of our ongoing strategy to bring institutional quality assets, combined with capable asset and property level management, to private client and high net-worth investors."

Gamble's enthusiasm for the asset is shared by Russell Vandenburg, president and CEO of EPT Management Co., TVO's management affiliate. "We expect Cobb County's limitation on new multifamily development, coupled with increased resident numbers, will contribute to capital appreciation at the property," Vandenburg says.