ATLANTA, GA - Cushman & Wakefield announced today that the commercial real estate services firm has arranged the sale and financing of NOVEL Midtown by Crescent Communities, a 340-unit core high-rise multifamily community in Atlanta, Georgia.
Robert Stickel, Alex Brown, Ashlyn Warren, Michael Kay, and Sim Patrick of Cushman & Wakefield’s Sunbelt Multifamily Advisory Group represented the seller, Crescent Communities, in the transaction. Walker Brown and Keith Padien of Cushman & Wakefield’s Southeast Equity, Debt & Structured Finance team served as the exclusive advisor to the buyer, Goldrich Kest, in the procurement of $77,000,000 in acquisition financing. The Fannie Mae loan provided by Greystone was originated by Donny Rosenberg and Justin Kantrowitz.
“Crescent Communities is nationally recognized for their ability to design and develop very compelling mixed-use communities. NOVEL Midtown was extremely attractive to Atlanta residents and national multifamily investors, as demonstrated by the California family office who chose this exceptionally well-located asset to expand their portfolio and experience more of Atlanta’s strong growth trends. Despite challenges in the capital markets, capital has confidence in Core multifamily assets in the Sunbelt, especially in Atlanta,” said Robert Stickel, Executive Vice Chair at Cushman & Wakefield.
“We were able to generate a deep field of lenders quoting competitive pricing and proceeds despite significant capital markets headwinds. We are very pleased with the outcome of this financing, particularly the ability to meet our client’s accelerated transaction timeline and close the financing within 30 days of application signing,” added Walker Brown, Executive Director at Cushman & Wakefield.
NOVEL Midtown is in the Midtown Atlanta submarket with a prime positioning at the intersection of 14th Street and Spring Street and direct walking access to Atlanta’s top attractions including Piedmont Park Atlanta’s BeltLine & Colony Square. The multifamily community is also surrounded by energetic urban amenities and part of a larger mixed-use project that allows it to benefit from the on-site Land of a Thousand Hills Coffee shop and 312,000 square feet of directly adjoining office space.
“Goldrich Kest is a thoughtful owner-operator with a long-term investment horizon, which is well suited to weather Midtown’s incoming residential supply and benefit from the continued growth of high-end office, lifestyle amenities and young professional renter demand,” noted Alex Brown, Executive Managing Director at Cushman & Wakefield.
Cushman & Wakefield’s Sunbelt Multifamily Advisory Group is a 105-person investment sales team covering 11 states with No. 1 multifamily market share in that region based on sales volume and transactions reported to CoStar. Per Cushman & Wakefield, in 2023, the group has closed $4.8 billion in sales volume through 150 deals and 24,000 units. For more information about the Sunbelt Multifamily Advisory Group, visit multifamily.cushwake.com