Clark Ventures Sells Atlanta Multifamily, Plots Capital Redeployment Plan
Clark Ventures has sold its 460-unit Park at Peachtree Corners in Norcross, GA, where the property is proximate to more than nine million square feet of office space and five million square feet of destination retail.
A Cushman & Wakefield team of Mike Kemether, Travis Presnell, Wesley Lacefield and James Wilber represented Clark Ventures.
The Atlanta-based firm acquired the 39-acre property in 2013 and executed a value-add strategy by investing more than $5.5 million in property-wide renovations that resulted in 99% occupancy.
Built in 1985 by Post Properties, Park at Peachtree Corners boasts luxury interior finishes and top-of-the-market amenities, including a freestanding fitness center and a resort-style pool.
Other upgrades include environmentally-friendly NEST thermostats, water-efficient kitchen and bathroom fixtures and LED lighting, all part of Clark Ventures’ commitment to sustainability at all of its properties.
Clark Ventures plans to redeploy the capital to acquire high-quality multifamily communities in desirable markets across the South. The Atlanta-based company operates a 4,000-unit portfolio in metro Atlanta and is seeking institutional-caliber properties in supply-constrained areas of AL, FL, TN and the Carolinas.
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.
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