ATLANTA, GA - The City of Atlanta closed on a mixed-use development (apartments & retail) and retained Atlanta-based JMG Realty Inc. to manage the property.
City Plaza was built in 1996, originally as housing for the GA State Patrol during the 1996 Atlanta Summer Olympics and contains 164 residential units as well as six individual retail "bays". Planned uses for these bays include a pharmacy and a fitness & wellness center conveniently located for city employees working at Atlanta City Hall nearby.
"Acquiring the City Plaza complex provides us with an important opportunity to enhance services for city residents," Mayor Kasim Reed said. "I am excited about this opportunity and believe residents and employees will benefit from this acquisition for years to come."
Prior to the transition to new ownership, JMG spearheaded a major renovation project totally over $1.5 million to date. Upgrades include:
Overhaul of all interior hallways in both buildings which consisted of drop ceiling removal, carpet removal and replaced with a modern sealed cement flooring, updated lighting and loft style open ceilings.
Units upgraded with stainless appliances, new wood inspired laminate flooring, brushed nickel lighting fixtures, refaced cabinets, tiled shower surrounds and full color change to reflect a more modern feel.
Amenities were 100% overhauled and modernized with fresh electronics & aesthetics consistent with the contemporary feel of the property.
"We look forward to working with the City of Atlanta to continue providing high quality housing and retail opportunities in the heart of the city." JMG Executive Vice President Jean Woodworth said.
JMG is a fully disciplined real estate investment firm headquartered in Atlanta, GA. The firm provides redevelopment, financial, investment and management services for multifamily real estate, including conventional and student housing, for both private and institutional owners. The firm currently manages over $2.4 billion in assets and 25,000 units across the United States.
Source: JMG Realty / #Apartments #Multifamily