Cushman & Wakefield Arranges 2009's Largest Multi-Family Sale in Southeast U.S.
7 Dec, 2009, Atlanta
In the largest multi-family apartment property sale in the Southeast this year, Cushman & Wakefield has orchestrated the trade of Lindbergh Vista Apartments located in Buckhead. Vista Realty Partners sold the 314-unit luxury apartment complex to JP Morgan for $52 million.
The $52 million price is not only the largest sale achieved year-to-date in the southeastern United States, but at $165,500/unit, it is also the highest price-per-unit.
According to Cushman & Wakefield's Chris Spain who represented the seller and procured the purchaser with team members Larry Orr, David Gutting, Mike Kemether, Nathan Swenson, Brandon Whitesell, and Steve West of Cushman & Wakefield, investors showed strong interest in the offering.
"Lindbergh Vista is a high-density, mixed-use property in a urban, mass-transit-served location, developed with condo level finishes. That Lindbergh Vista leased up rapidly with strong rents in spite of the challenging environment for apartments over the last year is a testament to the quality of this project and its location adjacent to the Lindbergh MARTA rail station," said Mr. Gutting, an executive director with Cushman & Wakefield. "The property's location, high-end units and unparalleled amenity package assures its long-term success."
Located within the Lindbergh Plaza master development, the recently constructed Lindbergh Vista mixed-use building offers an urban setting with street-front retail plus a drive-through promenade to adjoining retail. Lindbergh Vista is comprised of one- and two-bedroom units averaging 993 square feet, as well as live/work units with ground level retail or studio space. Built in 2007, the property is situated on 4.16 acres with a 515-space parking deck. Lindbergh Vista is centrally located at 2591 Piedmont Road, at the corner of Piedmont Road and Sidney Marcus Boulevard.
"Vista Realty has been successful by focusing on building and maintaining occupancy," said Mr. Kemether. "The quality of the asset and its location in one of Atlanta's most desirable rental markets made this an excellent fit for the buyer's portfolio. Lindbergh Vista has one of the best sites in the area, with its accessibility to the Buckhead and Midtown business districts."
Lindbergh Vista features roof-top amenities including salt-water swimming pool, fountain, and trellises with cooling mist sprays, a clubhouse, and landscaped gardens. The property's proximity to major corporations and businesses, shopping centers within walking distance, mass transit and highway access further enhance its status.
The Cushman & Wakefield Atlanta-based multifamily brokerage team has a combined 80 years of brokerage experience, and has sold more than 85,000 units totaling $5.5 billion.