Newmark Grubb Knight Frank has closed the acquisition of three multifamily communities in Austell on behalf of an affiliate of Atlanta-based H.J. Russell & Company and its New York City-based partner, Civitas Communities. In its first transaction together, the buyers acquired the assets from QR Capital, an Atlanta investment group, for nearly $20 million.
The three Cobb County properties, comprising a total of nearly 500 multifamily units, are located 15 minutes from downtown Atlanta and in proximity to each other along Six Flags Drive, minutes away from Six Flags Over Georgia, the largest regional theme park in the Southeast.
Occupancy across the portfolio averages nearly 95 percent. The properties include:
- Parkview Atlanta Apartments, a 144-unit complex (360 Six Flags Drive SW)
- Kingsley Village Apartments, a 146-unit complex (595 Six Flags Drive SW)
- Hunter's Grove Apartments, a 200-unit complex (575 Six Flags Drive SW)
Russell's family-owned real estate companies own more than 7,300 apartment units in properties across the country. Rod Mullice, senior managing director at NGKF in Atlanta, represented the buyer and arranged the debt in the transaction. Mullice placed nearly $9 million of debt with Citizen's Trust Bank of Atlanta and managed a $3 million loan assumption from Walker and Dunlop.
"These are solid B properties that will perform even better under H.J. Russell & Company's sophisticated management team," Mullice said. "The communities are positioned to enjoy a boost in residential demand from an ongoing expansion at Six Flags Over Georgia, and are also close to the Fulton Industrial Corridor, a major employment center, and the chief logistics hub serving Hartsfield-Jackson Atlanta International Airport."
Integrated Health Solutions relocates to larger space
Integrated Health Solutions of Marietta, a faith-based, multidisciplinary health care clinic, recently moved into a larger state-of-the-art facility at 3405 Dallas Highway, Suite 409, Marietta, in the Village at Old Trace.
IHS provides not only primary care but also physical rehabilitation, wellness programs, chiropractic and massage therapy. They use a team of healthcare professionals from various disciplines who work together to
give an alternative to the two-minute office visit many patients experience today. By incorporating the gifts and talents of each practitioner, patients see results never before found in any other clinic.IHS will soon be offering IV Nutrient Therapy for patients who have been diagnosed to be deficient in certain vitamins, minerals or enzymes. Call (770) 581-8442 for more information.
Brookhaven Bank acquired
Georgia Commerce Bancshares Inc., the holding company of Georgia Commerce Bank - which has three Cobb County locations - announced recently it has jointly signed a definitive merger agreement with Brookhaven Bank that will create a nearly $1 billion in assets banking franchise. The merger will expand Georgia Commerce Bank to nine branches across metro Atlanta. Brookhaven Bank has two branches located in north DeKalb County.
The acquisition has been approved by the Board of Directors for each company and is expected to close late in the fourth quarter of 2013. It is subject to the customary conditions, including Brookhaven shareholders and regulatory approval.
Keefe, Bruyette & Woods Inc., a Stifel Company, served as financial advisor and Womble Carlyle Sandridge & Rice LLP provided legal counsel to Georgia Commerce. Banks Street Partners LLC served as financial adviser and Alston & Bird LLP provided legal counsel to Brookhaven Bank.
Georgia Commerce Bank's Cobb locations are 3590 Cobb Parkway Northwest in Acworth, 3625 Cumberland Blvd. in the Cumberland area and 709 Canton Road Norheast in Marietta.
Vulcan Materials inks deal in Atlanta
The nation's largest producer of crushed stone, sand, gravel and asphalt used in building and road construction says it will sell its production interest in four metro Atlanta quarries.
An Atlanta newspaper reported that the $154 million deal involves Birmingham, Ala.-based Vulcan Materials Co. and Seattle-based Plum Creek Timber Co., which is one of the nation's largest landowners with about 6.3 million acres of timberlands.
The four Vulcan Materials quarries are located in Kennesaw, Norcross, Stockbridge and Friendship. Plum Creek says it will receive royalty payments from the production and sale of the crushed stone from the quarries for approximately 25 years.
Vulcan Materials employs 653 people in Georgia. The company says the deal generates cash while allowing it to maintain full ownership and operational control.