Mixed-Use Residential and Retail
Transaction Summary & Investment Strategy
In December 2011, CGI purchased a Class A mixed use development located in Downtown Atlanta, Georgia. The property, originally built in 2007 at a total cost of $44.2MM, consists of 161 residential condominium units over 30,500 sf of retail space. Prior to CGI’s purchase of the property, 21 residential units were sold at an average price of $248 psf. Following the downturn of 2008, the lender foreclosed on the unsold portion of the project and began leasing the 140 units as apartments. When CGI took over the property in 2011, the residential portion was 81% occupied, and the retail portion was less than 4% occupied. Since then, CGI has significantly increased both residential and retail occupancy and purchased an additional two of the individually owned units, bringing the total owned to 142.
|Property Address||171 Sweet Auburn Ave NE, Atlanta, GA|
|Asset Type||Mixed Use Busted Condominium/Luxury Apartment & Retail|
|Investment Type||Equity and Debt|
|Size||142 Units (Out of 161 Total), 30,500 sf Retail Space|