Source: GPC Partners / #Multifamily #Apartments
ATLANTA, GA - GPC Partners, a diversified Miami-based real estate partnership, completed the successful $66.25 million acquisition of the 222-unit Ayla on Krog apartment community in Atlanta’s Inman Park neighborhood.
Built in 2015 with a mix of one and two-bedroom apartments, Ayla on Krog is located on three acres along Atlanta’s BeltLine at 44 Krog St. NE. The community is waking distance from the Eastside BeltLine Trail and the popular Krog Street Market, a West Coast-style food hall with more than 20 shops and restaurants.
The Ayla on Krog acquisition closed on June 17. GPC obtained a $42 million loan from an insurance company as part of the transaction. JLL arranged the financing on behalf of GPC.
“We are thrilled to own a generational asset like Ayla on Krog,” said GPC Principal Leo Ghitis.
“Given the scarcity of Class A multifamily communities located directly on the East Side Beltline Trail, we feel that the property should provide excellent long-term appreciation,” added GPC Principal Jonathan Ghitis.
Miami-based development company GPC Partners has an enviable 20-year track record of outstanding returns in commercial real estate. Active across every major real estate asset class, GPC is committed to the highest standards of both performance as well as integrity.