Clark Ventures, a privately-held firm specializing in acquiring, operating and developing upscale apartment communities, has sold Park at Peachtree Corners.
The 460-unit community is in the city of Peachtree Corners in Atlanta’s premier expansion market of Gwinnett County. The real estate firm acquired the 39-acre property in 2013, and successfully executed a value-add strategy by investing more than $5.5 million in property-wide renovations.
“Peachtree Corners, with impressive economic development and a live-work-play model, is one of the great places to live in metro Atlanta,” said Josh Mudd, President of Clark Ventures. “We are proud of our pioneering renovation which greatly improved the quality of life for our residents and elevated the standard for multifamily communities throughout the area. We are now pleased to make a strategic sale that benefits all parties involved.”
The Atlanta-based firm’s operation and investment 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.
Located at 3341 Peachtree Corners Circle, Park at Peachtree Corners is proximate to more than 9 million square feet of office space and 5 million square feet of destination retail. Gwinnett County is home to 120 international firms and is the top market for net migration among Atlanta counties.
Clark Ventures will 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 expanding into Sunbelt states, including Alabama, Tennessee, the Carolinas and Florida.
The Cushman & Wakefield team of Mike Kemether, Travis Presnell, Wesley Lacefield and James Wilber represented the seller.