ATLANTA, GA/ACCESSWIRE/February 1, 2022/ Joint venture partners Wexford Real Estate Investors (WREI) and Mill Creek Residential Trust have sold Modera Prominence, their Buckhead, Georgia-based mixed-use apartment community, to an affiliate of Lone Star Funds. The Class A luxury apartment building was completed in 2021 and is conveniently located next to Atlanta Tech Village, Peachtree Park and Buckhead Village.
Modera Prominence sits on 2.8 acres and has approximately 319,000 square feet of leasable area with an average apartment size of just over 1,000 square feet. The ground floor retail area wraps around the corner of Lenox and Piedmont totals approximately 21,000 square feet, which will provide much-needed food and beverage options for this unique corner of Buckhead.
“Modera Prominence is the epitome of luxury in Buckhead,” said Joseph Jacobs, President and Co-Founder of WREI. “Working with Mill Creek has been a privilege and it has been a pleasure to partner with them on this project.”
Sunbelt Multi-Family Advisory Group of Cushman & Wakefield marketed and sold the property. Members of this team included Alex Brown, Executive Director, and Robert Stickel, Executive Vice President. Representing Mill Creek Residential Trust, John Harkey, Senior Vice President of Asset Management, and Patrick Chesser, Senior Managing Director of Development.
“Modera Prominence is another fantastic and successful Mill Creek Residential development in the Atlanta market,” Stickel said. “They and their partner, Wexford Real Estate Investors, have seen the benefits of Buckhead’s access to various employment centers and unique features of the city, including Path 400 and Chastain Park.”
“The buyer, Lone Star, grew from its presence in Buckhead and saw the opportunity to take advantage of rising rents,” Brown added. “Lone Star is in an excellent position to benefit from this asset, especially once restaurant-focused retail opens in the region this summer.”
WREI has been very active since the fourth quarter of 2021 with several multi-million dollar transactions concluded. In December, WREI and Key International partnered to acquire the Pompano Beach Marriott Hotel for $54 million with plans to renovate the 219 Key property. WREI also announced a joint venture with Beztak to develop an eight-story, 277-unit Bocora apartment project located in Boca Raton on a 4.1-acre site they purchased together for $12.7 million. Then, in late September, WREI partnered with New York-based L&L Holding Company and Miami-based 13.and Floor Investments to pursue a transit-oriented mixed-use development in downtown West Palm Beach with the acquisition of a premier 2.6-acre assembly.
About Wexford Property Investors
Wexford Real Estate Investors (“WREI”), formerly known as Flagler Capital LLC, was formed for the purpose of researching and managing real estate investment opportunities in the private market. WREI researches, invests and executes real estate transactions focused on value and growth using an opportunistic investment philosophy. WREI currently focuses its investments on the Sunbelt markets with an emphasis on residential rental and condominium investments and has invested over $680 million in equity since 2010 in real estate transactions with a greater total value at $1.4 billion. For more information, visit https://www.wexfordrei.com.
About Cushman & Wakefield
Cushman & Wakefield (CWK) is a leading global real estate services company that delivers exceptional value to occupiers and owners of real estate. Cushman & Wakefield is one of the largest real estate services companies with approximately 50,000 employees in over 400 offices and 60 countries. In 2020, the company had revenue of $7.8 billion in core services of property, facilities and project management, leasing, capital markets, assessment and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
Cushman & Wakefield’s Sunbelt Multifamily Advisory Group is an 82-person investment sales team spanning 11 states with the leading multifamily market share in that region based on sales volume and transactions reported to CoStar. According to Cushman & Wakefield, in 2021 the group closed $13.8 billion in sales volume through 429 transactions and nearly 85,000 units. For more information about the Sunbelt Multifamily Advisory Group, visit https://multifamily.cushwake.com.
About Mill Creek Residential
Mill Creek Residential Trust LLC is a national rental housing company focused on developing, acquiring and operating single-family, multi-family and build-to-let communities in targeted markets nationwide. The national company, headquartered in Boca Raton, Florida, proactively develops, acquires, builds and operates communities through its seasoned team of real estate professionals in offices across the United States. Mill Creek is building its portfolio in many of the country’s most desirable markets in Seattle, Portland, the San Francisco Bay Area, Southern California, Phoenix, Denver, Dallas, Austin, Houston, South Florida , Tampa, Orlando, Atlanta, Nashville, Charlotte, Raleigh, Washington, DC, New Jersey, New York and Boston. As of September 30, 2021, the Company’s portfolio is made up of 111 communities representing more than 30,500 rental units in operation and/or under construction. For more information, please visit www.MillCreekPlaces.com.
THE SOURCE: Wexford Property Investors (WREI)
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