Retail and Multifamily Portions of Mixed-Use Development Sell to Separate Investors
Cushman & Wakefield has arranged the sale of City Walk, an urban mixed-use development located in Downtown Atlanta. Completed in 2007, the midrise fronts famed Auburn Avenue at Piedmont Avenue, in the heart of Atlanta’s urban renaissance area served by the new Atlanta Streetcar. Mike Kemether, Vice Chair of Cushman & Wakefield’s Multifamily Advisory Group, along with Fain Hicks,Senior Director of Cushman & Wakefield’s Retail Investment Sales team, represented the seller, Los Angeles-based CGI Strategies in the transaction. FPA Multifamily LLC acquired the 144-unit multifamily component, and an Atlanta-based private-partnership acquired the 28,000-square-foot retail portion of the property.
“City Walk is perfectly poised to take advantage of the Downtown Atlanta rediscovery,” Kemether said. “Located right next to Georgia State with a short walk to the CBD, the Underground Atlanta redevelopment, the new Falcons stadium and a dozen other in-town amenities, City Walk offers true in-town living in the burgeoning downtown apartment market.”
Enveloped by Five Points, Georgia State University, the State Capitol, City Walk boasts high demand factors and is strategically positioned for a revenue-enhancing repositioning initiative.
“City Walk’s street-front retail benefits from an infill location, which offers a constant high level of foot traffic generated by the neighboring Georgia State campus and surrounding student housing,” Hicks said. “With Georgia State University quickly becoming the second largest university in Georgia and the continued physical expansion of its campus, City Walk is strategically positioned to benefit from the growing consumer base and traffic for years to come.”
Cushman & Wakefield’s Southeast Multifamily Advisory Group is the most active firm in the region, with the No. 1 market share based on transactions reported to CoStar. The group has closed $2 billion in sales volume in 2017, totaling over 125 deals and 25,000 units. On average, the team has experienced 63 percent sales growth within the last five years. For more information about Cushman & Wakefield’s Southeast Multifamily Advisory Group, visit https://multifamily.cushwake.com.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. 2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients’ ideas and putting them into action. To learn more, visit www.cushwakecentennial.com, www.cushmanwakefield.com or follow @CushWake on Twitter.
