ATLANTA, GA - Cousins Properties announced that it has completed the disposition of Emory Point I and II, a mixed-use property in Atlanta comprised of 750 apartments and 125,000 square feet of retail space, for a gross price of $199 million.
The project was owned through a 75/25 joint venture between Cousins and Gables Residential.
Emory Point includes 750 luxury rental apartment homes featuring quartz and granite counter tops, stainless steel, energy-efficient appliances, and front-loading washers and dryers. The 100% smoke-free community boasts 2 fitness centers, 3 saline pools, 4 club lounges, and our Bark Park for pet owners, as well as a fireside social area, mezzanine grilling area, sundecks with relaxing water features, and lots of courtyards and green spaces. For residents with electric vehicles, Emory Point also has charging stations! And those who prefer to pedal can take advantage of our bike-share program.
Emory Point was developed on land owned by Emory University and ground-leased to the developer. This Earth Craft certified, urban-style mixed-use project created a desirable town center nucleus along Clifton Road, surrounded by the Emory University campus and CDC headquarters. Emory Point is walkable to the area’s large population of workers and students, and the property’s exceptional mixed-use qualities were reflected in its numerous awards including the 2013 ULI Atlanta Development of Excellence Award.
Cousins' portion of the sales proceeds, before transaction costs and debt payments, was approximately $150 million. This transaction was included in the Company's previously provided 2017 disposition activity range of $300 million to $325 million.
With this transaction, the Company estimates remaining 2017 disposition activity of $150 million to $175 million, before transaction costs and debt payments.
Cousins Properties is a fully integrated, self-administered and self-managed real estate investment trust (REIT). Founded in 1958, Cousins creates shareholder value through its extensive expertise in the development, acquisition, leasing and management of high-quality real estate assets.