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. 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.
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. 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.
In July of 2017, CGI sold City Walk to San Francisco-based FPA Multifamily.
|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|