ATLANTA, GA - Admiral Capital Group and Wood Partners announced that they successfully completed the sale of 3833 Peachtree, a 222-unit multifamily property located in Atlanta, Georgia.
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.