ATLANTA, GA – HFF announced that it closed the sale of Paces Station (top left photo), a 610-unit, Class B garden-style multi-housing community in Atlanta’s Vinings neighborhood.
HFF marketed the property on behalf of a national REIT. The buyer, TA Associates Realty, purchased Paces Station for $57 million, or $93,400 per unit, in an all-cash transaction.
Paces Station is located at 3000 Paces Walk near Interstate 285 northwest of downtown Atlanta. The three-phased community is situated such that each phase offers its own entrance and amenity package.
Completed in 1989, the community includes 51 buildings totaling 593,922 square feet and includes one- and two-bedroom units averaging 974 square feet each.
The HFF team representing the seller was led by senior managing director Jason Nettles (middle right photo) and director Megan Thompson (lower left photo).
“Paces Station’s location in Vinings, one of Atlanta’s most desirable in-town neighborhoods, provides a great value-add opportunity for the buyer,” commented Nettles who continued, “Paces Station represents one of the last untouched rehab opportunities for a Class B asset in Vinings. This unique position created a very institutional bid pool and the property sold to an unleveraged, core buyer.”
Established in 1982, TA Associates Realty is one of the largest and most experienced privately held real estate advisors in the United States. TA Associates Realty manages 91 million square feet of commercial real estate and 12,300 residential units located in 35 markets nationwide.
Contacts:
JASON NETTLES
HFF Senior Managing Director
(404) 832-8460
MEGAN THOMPSON
HFF Director
(404) 832-8460
MYRA MOREN
HFF Director, Marketing
(713) 852-3500
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