ATLANTA, October 4, 2018 – Cushman & Wakefield has arranged the sale of Flats at Perimeter Place, a 323-unit apartment community located in Dunwoody, Georgia. Robert Stickel, Mike Kemether and Alex Brown of Cushman & Wakefield represented the seller, Northwestern Mutual, in the transaction. Magnolia Capital acquired the property.
“Northwestern Mutual has been involved with Flats at Perimeter Place since the beginning and chose to develop a condo-quality asset with Epicore construction,” Kemether said. “Central Perimeter continues to be a magnet for corporate headquarters with job creation and therefore investor interest – and what better place to live than Flats at Perimeter Place, the most central, walkable property in the submarket?”
Flats at Perimeter Place is located in Atlanta’s Central Perimeter submarket, the Southeast’s largest jobs hub with 33 million square feet of office space. Surrounded by 4.5 million square feet of retail and walkable to both the Dunwoody and Sandy Springs MARTA rail stations, Flats at Perimeter Place is the most walkable and accessible apartment community in Central Perimeter. Amenities include a rooftop lounge with a tennis court, grilling station and bocce ball court; a resort-style swimming pool; a state-of-the-art fitness center with a yoga studio, cardio theatre and fitness classes; and four electric car charging stations.
“The marketplace has clearly recognized Flats at Perimeter Place as a special opportunity,” Stickel said. “We had depth and diversity from prospective purchasers. Ultimately, Magnolia Capital will be a part of the next chapter for this asset and submarket. With their experience in this submarket, they recognize this as an excellent opportunity to continue to invest in Atlanta’s exciting apartment market.”
So far in 2018, Cushman & Wakefield’s Southeast Multifamily Advisory Group has closed $3.84 billion in sales volume through 181 deals and more than 40,000 units. For more information about Cushman & Wakefield’s Southeast Multifamily Advisory Group, visit https://multifamily.cushwake.com.
About Northwestern Mutual
Northwestern Mutual has been helping families and businesses achieve financial security for more than 160 years. Through a distinctive, whole-picture planning approach, we empower our clients to make the most of every single day and plan for important moments in their future. We combine the expertise of our financial professionals with a personalized digital experience to help our clients navigate their financial lives every day. With $265.0 billion in assets, $28.1 billion in revenues, and $1.8 trillion worth of life insurance protection in force, Northwestern Mutual delivers financial security to 4.5 million people who rely on us for life, disability income and long-term care insurance, annuities, brokerage and advisory services, trust services, and discretionary portfolio management solutions. The company manages more than $125 billion of client assets through its wealth management and investment services. Northwestern Mutual ranks 104 on the 2018 FORTUNE 500 and is recognized by FORTUNE® as one of the “World’s Most Admired” life insurance companies in 2018.
Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company (NM), Milwaukee, WI (life and disability insurance, annuities, and life insurance with long-term care benefits) and its subsidiaries. Northwestern Mutual and its subsidiaries offer a comprehensive approach to financial security solutions including: life insurance, long-term care insurance, disability income insurance, annuities, life insurance with long-term care benefits, investment products, and advisory products and services. Subsidiaries include Northwestern Mutual Investment Services, LLC (NMIS) (securities), broker-dealer, registered investment adviser, member FINRA and SIPC; the Northwestern Mutual Wealth Management Company® (NMWMC) (fiduciary and fee-based financial planning services), federal savings bank; and Northwestern Long Term Care Insurance Company (NLTC) (long-term care insurance).
About Magnolia Capital
Magnolia Capital is a real estate investment firm focused on finding and creating value within the multifamily investment space. The company’s founding principals have a distinctive blend of hands-on real estate investment experience combined with a deep knowledge of technology and operational efficiencies. Magnolia has acquired over $1B of real estate, representing over 4,000 units in nine markets across the U.S. For more information, please visit www.magnoliacap.com.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, advisory and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.