ATLANTA, GA - Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multi-housing industry, announced the sale of Colonial Homes , a 212 unit apartment community located in Atlanta’s desirable Buckhead market.
Colonial Homes sits adjacent to Bobby Jones Golf Course and is located along the north end of The Beltline project - the most comprehensive revitalization effort ever undertaken in the City of Atlanta and among the largest, most wide-ranging urban redevelopment and mobility projects currently underway in the United States.
ARA Atlanta-based principals, Bill Shippen and John Weber, along with Rich Arroll of Major & Arroll LLC, represented Pope & Land in the $15 million sale.
Colonial Homes was acquired by Pollack Shores Real Estate Group, an apartment acquisition and development firm specializing in the creation of world-class multi-family communities.
Constructed in 1947, the asset was 90%occupied at the time of the sale.
The acquisition of Colonial Homes falls neatly into Pollack Shores’ strategic plan to focus on the acquisition and redevelopment of more urban development projects. The newly zoned portion of Colonial Homes consists of 42 units that are adjacent to the original site. These units will be torn down and redeveloped, creating a new four or five story apartment building in its place.
According to ARA’s Bill Shippen “It was our pleasure to assist Pope & Land with the disposition of such an iconic landmark. Colonial Homes has housed generations of Atlantans and we know that the Pollack Shores team will give the site the quality renovation it deserves.”
To schedule an interview with an ARA executive regarding this transaction or for more information about ARA, nationally please contact Lisa Robinson at lrobinson@ARAusa.com, 678.553.9360 or Amy Morris at amorris@ARAusa.com, 678.553.9366.
About ARA
Atlanta-headquartered ARA is the largest privately held, full-service investment advisory firm in the nation that focuses exclusively on the brokerage, financing and capital sourcing of multi-housing properties including conventional, affordable, distressed assets, notes sales, seniors, student & manufactured housing and multi-housing land. ARA is comprised of the country’s top investment professionals who leverage a unique and fully integrated cooperative business platform of shared information, relationships and technology driven solutions. ARA’s unified enterprise approach ensures that clients are delivered the broadest asset exposure, effective matching of buyers and sellers, and the shortest transaction timeframes in the industry. The combination of resources, unparalleled market expertise and nationwide presence in the multihousing marketplace has resulted in average annual production volume of $5.4 billion in real estate transactions since 2004. For detailed information on ARA’s extensive multihousing investment services, visit www.arausa.com