Atlanta

The 894-bed Retreat at Orlando student housing complex was sold by a subsidiary of Inland Private Capital on behalf of one of its 1031 investment programs to Preferred Apartment Communities of Atlanta. PAC acquired the property through its wholly-owned subsidiary Preferred Campus Communities, LLC.

The new owners plan to spend approximately $3.2 million on a repositioning strategy, including renovation of common areas, amenities, and unit interiors.

Major employers locating in the Alpharetta/Roswell area are all great amenities that make the property attractive, says Kevin Geiger, vice chairman at CBRE.

Varden Capital Partners repositioned the assets following a bulk purchase, and made healthy profits for investors while leaving a great value-add path ahead for Blue Rock, says Cushman & Wakefield's Tyler Averitt.

“The property's strategic location provides Atlanta's best overall access to the major employment centers of Buckhead, Midtown, Downtown and Cumberland/Galleria,” says CBRE's Kevin Geiger,

Stepstone Hospitality of Providence, RI has been retained by Tishman to manage the three new hotel properties, according to Hunter Hotel Advisors.