NEW YORK--(BUSINESS WIRE)--Admiral Capital Group and Wood Partners announced today that they successfully completed the sale of 3833 Peachtree, a 222-unit multifamily property located in Atlanta, on May 23, 2016.
Admiral Capital and Wood Partners, as a joint venture, originally acquired 209 of the 240 units in the broken condominium conversion project in 2012. The investment provided an opportunity to acquire a well-located asset in need of value-add capital at a discount to replacement cost.
During its ownership, Admiral repositioned the property to enhance its appeal as a premier community within the highly sought-after Atlanta submarket of Buckhead. A new outdoor pool and cabana area were installed, including outdoor lounge areas. Additionally, the lobby, fitness center, and conference areas were upgraded to complete the “live, work, play” environment tenants were seeking. In addition to the capital spent on common areas, Admiral and Wood Partners purchased an additional 13 units during the hold period.
“3833 Peachtree was another successful execution for Admiral,” said Daniel Bassichis, Co-Founder of Admiral Capital Group. “Atlanta has experienced very strong job growth, and we will continue to invest in this market.”
“We are thrilled with the execution of our business plan on 3833,” stated David Robinson, Admiral Co-Founder. “It has been very rewarding to be a part of transforming this property into such a high quality community for the residents.”
Wood Partners Director Curtis Walker added, “We are proud of our work to breathe new life into 3833 Peachtree. From adding unique design features to buying back condo units, the team executed a complex plan for a successful investment.”
Both the buyer and seller were represented by Jones Lang LaSalle’s Atlanta team.
The sale represents the eighth realization for Admiral in its first value-add real estate fund, Admiral Capital Real Estate Fund, L.P. (“ACRE I”). Admiral has three remaining ACRE I assets under management including two multifamily properties (Kent, Washington and Manhattan, New York) and one hotel property in Fort Worth, Texas. Additionally, 3833 Peachtree is one of several Atlanta area communities in Wood Partners’ portfolio.
About Admiral Capital Group
Admiral Capital Group was founded by David Robinson, philanthropist and NBA Hall of Famer, and Daniel Bassichis, formerly of Goldman Sachs. Admiral, in partnership with USAA Real Estate Company identifies value-add opportunities through in office, hotel, multifamily and retail properties valued between $20 million and $70 million. Admiral’s founders have also pledged 10% of their profits to philanthropic causes in areas where the fund invests, building on Robinson’s lifetime commitment to support education and lower-income communities. For more information, visit www.admiralcg.com.
About Wood Partners
Wood Partners is a national real estate company that acquires, develops, constructs and manages high density and mixed-use communities. It ranks consistently among the top five multifamily developers in the country. Through quality construction, responsible land development and intelligent design, its communities reflect the aesthetic and social fabric of the community and provide a luxurious living experience at a fair price. The company has been involved in the acquisition and development of more than 63,000 homes with a combined value of more than $10.3 billion nationwide. The company currently owns more than 75 properties with a combined total of 21,000+ units. Wood Partners has offices in 19 major markets nationwide including Atlanta, Austin, Baltimore, West Palm Beach/ South Florida, Boston, Charlotte, Chicago, Dallas, Denver, Houston, New York, Southern California, Orlando, Phoenix, Portland, Raleigh-Durham, San Francisco, Seattle, and Washington, D.C. For more information, visit www.woodpartners.com.