ATLANTA, GA - CBRE today announced the sale of 10 Perimeter Park, a premier multifamily development in Chamblee, for $36 million. CBRE’s Shea Campbell and Kevin Geiger of the Southeast Multifamily Group exclusively represented the seller, California-based Ardena Capital Management.
Audubon Communities, an Atlanta-based firm that specializes in the acquisition and management of multifamily properties throughout the Southeast, acquired the asset at 10 Perimeter Park Drive.
“Audubon Communities has a front row seat to the Chamblee boom, being based out of Atlanta,” said Shea Campbell, CBRE senior vice president. “This property is in the path of progress as Chamblee continues its transformation, with a new high-end single-family development across the street, a new Whole Foods, Octane Coffee and other attractive retail options in the Peachtree Crossing center roughly 2 miles away, and top schools.”
10 Perimeter Park was built in 2008 and contains 230 residential units, with 9- and 10-foot ceilings and modern finishes. Expansions and improvement to the amenity base are planned.
Audubon Communities acquired 10 Perimeter Park assuming the existing loan and obtaining a supplemental loan, bringing the loan-to-value ratio to 70%. As interest rates continue to climb, primarily due to a 49% increase in the 10-year treasury rate since November, loans assumptions have become more attractive to the Multifamily investment community, Campbell noted.
According to the CBRE U.S. Q4 Capital Markets Marketview, multifamily investment accounted for 33.7% of property investment in Q4, the largest market share by any property sector nationally.
About CBRE Group, Inc. CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.