CGI+ Real Estate Investment Strategies, in partnership with a family office, has acquired a two-property, 712-unit multifamily portfolio in Atlanta from an FPA Multifamily affiliate in an off-market transaction for $144.75 million. According to CGI+, this is believed to be the largest multifamily transaction in Atlanta this year.
The portfolio includes the 359-unit Mille Brookhaven, which was built in 2014, and the 353-unit TwentyNine 24 Brookhaven, built in 2009. The adjacent properties are located in the attractive submarket of Brookhaven, which has experienced major development with a new medical district that is being constructed by Emory University and Children’s Healthcare Atlanta.
“This is a significant acquisition for CGI+ and the first of what we plan will be more than $1 billion in investments we make throughout the Southeast over the next 24 months,” said CGI+ CEO Gidi Cohen. “Our ongoing focus is to build our Southeast portfolio through both acquisitions and development, the same strategy we’ve successfully deployed in the Los Angeles and New York markets.”
According to Mark Cohen, CGI+ managing partner in the Southeast region, Russ Hardy in Berkadia’s Atlanta office brought the opportunity to the firm, which then moved quickly on the transaction. It completed due diligence, secured the equity, assumed the existing debt, and closed on the price under contract in 90 days.
“Our success in the market over the past 10 years has enabled us to build strong relationships that have contributed to our ability to unearth attractive opportunities and find ways to win those deals,” said Cohen. “This investment gives us a substantial amount of scale, off which to further expand our footprint in the market.”
Both communities feature a mix of one-, two-, and three-bedroom floor plans, vaulted ceilings, gourmet kitchens with stainless steel appliances and quartz countertops, in-unit washers and dryers, built-in workspaces, and wraparound balconies and terraces.
Los Angeles-based CGI+ is a multifamily investment and development firm with more than $1.6 billion in assets under management. Its multifamily and mixed-use portfolio includes approximately 3,000 apartment units located primarily in Atlanta, Florida, Los Angeles, and New York.