CGI Sells Mixed-Use Development in Historic Atlanta District
CGI Strategies has sold City Walk, a mixed-use development in Atlanta’s Sweet Auburn Avenue Historic District to two separate investors, announced Mark Cohen, Managing Partner, Southeast Region. Located at 171 Auburn Avenue NE and spanning an entire city block, the six story brick-clad City Walk features 144 one- and two-bedroom apartment rental units over 30,500 square feet of street level retail. The highly amenitized building features a rooftop tennis court, poolside resident lounge, and 24-hour fitness center. Each unit offers an oversized gourmet kitchen with modern fixtures and appliances, high-end finishes, washer and dryer connections, 10-foot ceilings and hardwood flooring. CGI, a Los Angeles-based real estate investment and development firm founded by Gidi Cohen, acquired the property out of receivership in December 2011 marking the firm’s entry into the Atlanta market. After rebranding the property as City Walk, CGI quickly stabilized the property by leveraging its proximity to Georgia State University and the numerous restaurants, retail and entertainment options in Atlanta’s “Sweet Auburn” district. City Walk was sold to San Francisco-based FPA Multifamily. The retail component, which is leased to a mix of national and local merchants including Pizza Hut , Sweet Auburn Seafood and Moe’s Southern Grill, was sold to a joint venture of Franklin Road Amoco, Inc. & Southern Gas Partners, LLC. The Atlanta-based Cushman & Wakefield team of Mike Kemether, Josh Goldfarb and Travis Presnell represented all parties to the transactions.