Preferred Apartment Communities buys Atlanta asset
Preferred Apartment Communities has purchased Three Ravinia Drive, an 817,510-square-foot office building in Atlant,a for $210.1 million. The seller is CBRE Strategic Partners U.S. Value 6 fund, which acquired it in 2013 for $145 million from Colonial Properties Trust.
The 31-story office building is 98 percent leased to a high credit tenant base, including InterContinental Hotels Group and State Farm, with an average remaining lease term of approximately 10 years. In a statement, Preferred Apartment Communities notes its primary focus will continue to be multifamily communities, but will consider compelling opportunities outside its core multifamily business.
Atlanta’s office market is forecast finish the year with its lowest absorption level since 2011, according to Colliers International. The third quarter had fewer than 300,000 square feet of office space absorbed, bringing the year-to-date total to 668,000 square feet. This amount represents a 550 p