ATLANTA, GA – The Atlanta and Houston offices of HFF (Holliday Fenoglio Fowler, L.P.) has closed the sale of and arranged acquisition financing for Conifer Crossing, (top left photo) a 420-unit multifamily community in Norcross, Georgia.
Managing director Jason Nettles (middle left photo) and associate director Megan Thompson (top right photo) led the Atlanta-based investment sales team on behalf of the seller, Simpson Housing, LLLP.
San Francisco-b
ased Fowler Property Acquisitions purchased the property for $31.75 million free and clear of existing debt. Managing director Tucker Knight (middleright photo) of HFF Houston arranged the $28.7 million, fixed-rate loan through Freddie Mac on behalf of Fowler Property Acquisitions.
ased Fowler Property Acquisitions purchased the property for $31.75 million free and clear of existing debt. Managing director Tucker Knight (middleright photo) of HFF Houston arranged the $28.7 million, fixed-rate loan through Freddie Mac on behalf of Fowler Property Acquisitions. Situated on nearly 54 acres, Conifer Crossing is located at 3383 Holcomb Bridge Road, close to Interstate 85, Peachtree Industrial Boulevard and Interstate 285 in Peachtree Corners, approximately 17 miles northeast of Atlanta’s central business district. Conifer Crossing is immediately proximate to more than 10 million square fe
et of office space including Technology Park, which is less than two miles from the property and is Atlanta’s response to Silicon Valley.
et of office space including Technology Park, which is less than two miles from the property and is Atlanta’s response to Silicon Valley.The 98% occupied property has one-, two- and three-bedroom units averaging 1,233 square feet each. Community amenities include a clubhouse, pool, fitness center, playground, laundry facility, sand volleyball court, racquetball court and three lighted tennis courts.
Fowler Property Acquisitions is planning $6.3 million ($15,000 per unit) in aesthetic upgrades to the recreation area, building exteriors, building interiors (new flooring, appliances, cabinets, countertops) to improve the overall marketability of the property.
“Fowler did a great job in closing this transaction at the original con
tract price,” said Nettles.
tract price,” said Nettles. Headquartered in Denver, Colorado, Simpson Housing LLLP (SHLP) is a fully integrated real estate firm that is organized to deliver a comprehensive range of real estate services primarily focusing on multifa
mily property management and development.
mily property management and development. Fowler Property Acquisitions, LLC (FPA), is a privately capitalized real estate investment firm, actively focused on the acquisition of multifamily, industrial, office, retail and land properties in select markets throughout the Western and Southeastern U.S. FPA has recently opened an Atlanta office and has offices in California, Texas, Colorado, Hawaii and Oregon.
CONTACTS:
Jason Nettles, HFF Managing Director, 404 832 8460, jnettles@hfflp.com
Tucker Knight, HFF Managing Director, 713 852 3500, tknight@hfflp.comLaurie Fish McDowell, HFF Associate Director, Marketing, 617 338 0990, lmcdowell@hfflp.com
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