ATLANTA, GA / ACCESSWIRE / February 1, 2022 / Joint venture partners Wexford Real Estate Investors (WREI) and Mill Creek Residential Trust sold Modera Prominence, their Buckhead, Ga.-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 the Atlanta Tech Village, Peachtree Park and Buckhead Village.
Modera Prominence sits on 2.8 acres and has approximately 319,000 square feet of rentable area with an average apartment size coming in just over 1,000 square feet. The ground-floor retail area wraps 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, WREI President and Cofounder. "Working with Mill Creek was a privilege and it was our pleasure to partner with them on this project."
Cushman & Wakefield's Sunbelt Multifamily Advisory Group marketed and sold the property. Members from that team included Alex Brown, Executive Director, and Robert Stickel, Executive Vice Chair. Representing Mill Creek Residential Trust were John Harkey, Senior Vice President of Asset Management, and Patrick Chesser, Senior Managing Director of Development.
"Modera Prominence is yet another fantastic and successful development by Mill Creek Residential in the Atlanta market," Stickel said. "They and their partner, Wexford Real Estate Investors, saw the benefits of Buckhead's access to various job centers and unique features of the city, including Path 400 and Chastain Park."
"The buyer, Lone Star, grew upon its presence in Buckhead and saw the opportunity to take advantage of rent growth," Brown added. "Lone Star is in a great position to benefit from this asset, especially once restaurant-driven retail opens in the area this summer."
WREI has beenvery active since Q4 2021 with several multimillion-dollar deals completed. In December, WREI and Key International teamed up 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 NYC-based L&L Holding Company and Miami-based 13th Floor Investments to pursue a transit-oriented mixed-use development in Downtown West Palm Beach with the acquisition of a prime 2.6-acre assemblage.
About Wexford Real Estate Investors
Wexford Real Estate Investors ("WREI"), formerly known as Flagler Capital LLC, was formed for the purpose of sourcing and managing private market real estate investment opportunities. WREI sources, invests and executes in value and growth driven real estate transactions using an opportunistic investment?philosophy. WREI currently focuses its investments in sunbelt markets with an emphasis on residential rental and condominium investments and has invested more than $680 million in equity since 2010 in real estate transactions with a total value?in excess?of $1.4 billion. For more information, visit?https://www.wexfordrei.com.
About Cushman & Wakefield
Cushman & Wakefield (CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in over 400 offices and 60 countries. In 2020, the firm had revenue of $7.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation 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 covering 11 states with No. 1 multifamily market share in that region based on sales volume and transactions reported to CoStar. Per Cushman & Wakefield, in 2021, the group closed $13.8 billion in sales volume through 429 deals 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 the development, acquisition and operation of both multifamily and build-to-rent single-family communities in targeted markets nationwide. The national company, headquartered in Boca Raton, Florida proactively develops, acquires, constructs 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 nation'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, D.C., New Jersey, New York, and Boston. As of September 30, 2021, the company's portfolio is comprised of 111 communities representing over 30,500 rental homes that are operating and/or under construction. For more information, please visit www.MillCreekPlaces.com.
SOURCE: Wexford Real Estate Investors (WREI)
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