ATLANTA—Cocke Finkelstein Inc. has purchased the 18-story Solace on Peachtree multifamily development here. The 18-story apartment tower was purchased from Lubert-Adler Real Estate Funds of Philadelphia.
Cushman & Wakefield's Capital Markets Group, which represented Lubert-Adler in the sale of the 533-unit property, announced the deal. The firm also reports it arranged acquisition financing of $43.6 million on behalf of Cocke Finkelstein, which is headquartered in Atlanta.
Mike Ryan, Telly Fathaly, Brian Linnihan, and Jeff Walker of C&W's EDSF team in Atlanta arranged the acquisition loan. C&W originated the GSE loan through its correspondent lender, Walker & Dunlop. Mike Kemether, Chris Spain, and Brandon Whitesell of Cushman & Wakefield's Atlanta Multifamily Advisory Group represented seller Lubert-Adler Real Estate Funds in the transaction.
“The property's location in the heart of Midtown Atlanta in walking distance to a MARTA rail station, Piedmont Park and the district's numerous restaurants, shops and cultural attractions, combined with the extensive renovations completed in 2009, made Solace on Peachtree a very attractive investment opportunity,” says C&W's Ryan. “With its modernized units and upgraded public spaces, the property is well-positioned for high occupancy and rental growth, especially considering the fact that it's the only value-oriented high-rise apartment option in this bustling and popular urban neighborhood.”
Located at 710 Peachtree Street NE, Solace on Peachtree is currently 96% occupied. The renovations completed in 2009 modernized unit interiors and added a larger fitness center, a new club room and business center, and an upgraded rooftop deck, among other improvements, C&W states.
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