South City Partners sells The Willis apartments in Avondale EstatesThe Willis Apartments. Image provided to Decaturish
This story has been updated.
South City Partners has sold The Willis apartments in Avondale Estates for an undisclosed sum.
The apartments, which opened in 2018, are located at 2700 E College Avenue.
Real estate firm Cushman & Wakefield represented the sellers and sent out a press release announcing the deal. South City Partners and ELV Associates sold the 197-unit mixed-use apartment complex to Coastal Ridge Real Estate and SEDCO Capital.
“WILLIS Avondale Estates is located the rapidly urbanizing node immediately east of Decatur, near Downtown and walkable to MARTA,” the press release from the company says. “WILLIS is located in the path of growth as Downtown Decatur continues its natural extension along the East College Avenue corridor. Avondale Estates is a unique community offering an eclectic blend of affluence and artistry, influencers and professionals, and is home to families and startups alike. It features historic charm and a collection of highly-rated restaurants and breweries.”
When asked for comment, Avondale Mayor Jonathan Elmore said city officials knew South City Partners intended to sell the mixed-use development.
“The Willis was a pivotal and catalytic development in our [city] an in line with our Downtown Master Plan. South City Partners have been great partners and we hope they return to Avondale Estates soon,” Elmore said.
Here is the full announcement from Cushman & Wakefield:
Cushman & Wakefield Arranges Sale for South City Partners and ELV Associates
WILLIS Avondale Estates Sells to Coastal Ridge Real Estate and SEDCO Capital
ATLANTA, February 5, 2020 – Cushman & Wakefield has arranged the sale of WILLIS Avondale Estates, a 197-unit mixed-use apartment community located in Decatur, Georgia. Robert Stickel, Mike Kemether and Alex Brown of Cushman & Wakefield represented the sellers, South City Partners and ELV Associates, in the transaction. Coastal Ridge Real Estate and SEDCO Capital acquired the property. Mike Ryan, Richard Henry, Blake Cohen and Brian Linnihan of Cushman & Wakefield arranged acquisition financing on behalf of the buyer.
South City Partners is a fully integrated multi-family and mixed-use development company focused on creating extraordinary residences in distinctive communities while providing financial partners with exceptional returns. SCP was founded in 2011 by John Long and Mark Randall and is headquartered in Atlanta, Georgia.
“The investment capital was attracted to this unique opportunity as we saw a vertically integrated owner-operator partner with an international capital source to acquire a top-notch mixed-use development at an attractive basis and rental rates that can cover a broader spectrum of renter,” Stickel said.
WILLIS Avondale Estates is located the rapidly urbanizing node immediately east of Decatur, near Downtown and walkable to MARTA. WILLIS is located in the path of growth as Downtown Decatur continues its natural extension along the East College Avenue corridor. Avondale Estates is a unique community offering an eclectic blend of affluence and artistry, influencers and professionals, and is home to families and startups alike. It features historic charm and a collection of highly rated restaurants and breweries. WILLIS Avondale Estates has won numerous awards, including:
– The Atlanta Regional Commission – Development of Excellence – Exceptional Merit for Catalytic Redevelopment
– The Toronto Building Industry and Land Development Association (BILD) – Best International Project
– The ORA Elite 1% Power Ranking for National Online Reputation
“South City Partners delivered an award-winning development in a historically under-served infill neighborhood,” Kemether added. “WILLIS Avondale Estates benefits from the authenticity of Avondale Estates, the dynamic lifestyle in Decatur and direct proximity to more than 40,000 jobs.”
“The combination of a high-quality asset, an infill, amenitized location and an excellent borrower drove a deep and aggressive response from a variety of debt capital providers,” Henry said.
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