Real Estate - MAY 5, 2017

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Blackstone acquires Atlanta mixed-use development for $199m

by Larry Gray

Blackstone has acquired Emory Point, a mixed-use property in Atlanta, for $199 million. Cousins Properties and Gables Residential were the sellers. Cousins owned 75 percent of the joint venture and Gables owned the other 25 percent.

The property, which delivered in two phases in 2013 and 2015, includes 750 luxury apartment units and 125,000 square feet of retail space. The sales price set a new record for an apartment property in the Atlanta metro, according to brokerage firm CBRE, which represented the sellers in the deal. The multifamily share of the sales prices was reportedly $175 million, topping the previous record of $151 million for Village at Lake Park in Cobb County.

Retail tenants at Emory Point include CVS, Earth Fare, General Muir, Marlow’s Tavern and Tin Lizzy’s. The project was owned through a 75/25 joint venture between Cousins and Gables.

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