GOLUB & COMPANY-MANAGED JOINT VENTURE PURCHASES 5.8 ACRES IN ATLANTA’S UPPER WEST SIDE
CHICAGO, IL–A joint venture between real estate development and investment firms Golub & Company, AB Capital, Thierry Francois a local entrepreneur, and a MetLife Investment Management-advised client has announced the acquisition of a 5.8-acre parcel located at 2164 Marietta Blvd in the Upper West Side submarket of Atlanta, GA. The joint venture has retained architecture and design firm Lord Aeck Sargent. The planned mixed-use development will feature two separate and distinct multifamily buildings totaling 576 units surrounding a common plaza, offering a variety of unit types as well as state-of-the-art amenities and dynamic retail opportunities to enhance the community experience. Groundbreaking is expected in the 3rd quarter of 2022 with delivery of the first phase in the 3rd quarter of 2023.
The sale of the site closed on January 31, 2022 for an undisclosed price. Adam Short, senior vice president, acquisitions; and Alex Newman, vice president, asset management, both of Golub & Company, led the acquisition on behalf of the venture. Over the course of the last five years, Thierry Francois assembled the site and secured zoning approvals with assistance from AB Capital and Golub & Company. Bruce Armstrong and Joel Sandridge of Golub’s development team will oversee the design and construction.
“The site is strategically located in the rapidly growing west side of Atlanta which includes the Midtown/West Midtown and Upper West Side submarkets, as well as the new Microsoft campus. The area is becoming the epicenter of technology and innovation for the region,” said Michael Newman, president and CEO of Golub & Company. “As continued growth and capital investment continues to be attracted to the west side of Atlanta, residents of our future development will benefit.”
The Upper West Side of Atlanta has increased in popularity due to its easy access and close proximity to the in-town markets, as well as Buckhead. “We are excited to team up with our partners and expand our development platform into Atlanta,” said Short. “The market fundamentals there make it one of the top growth markets not only in the Sun Belt, but in the entire country. The Upper West Side submarket is especially well-positioned as it is directly in the path of the expanding cultural, infrastructure, and employment revitalization that Atlanta is experiencing,” he added.
The proposed design will reflect the industrial roots and character of the neighborhood, and the orientation of the building will take advantage of the spectacular skyline views. The development will also include retail space to serve the residences and surrounding neighborhood.
Golub & Company has a reputation for its ability to enter burgeoning submarkets across the country, work successfully with local communities and officials, and complete complex mixed-use development projects that truly transform the area. The Chicago-based developer is currently underway on a massive multi-year project on 13 acres in Denver’s River North Arts District (RiNO) neighborhood called Denargo Market, with other opportunities taking shape in in the Sun Belt region.
About Golub & Company
Since its founding in 1960, with three generations of professionals working in the business, Golub & Company has built a strong reputation as a trusted co-investor and developer with its many institutional and private capital partners. It’s a reputation based on track record; Golub and its affiliates have owned, leased, or managed more than 50 million square feet of commercial, mixed-use, and multifamily real estate properties, including 45,000 residential units, valued in excess of $10 billion located across the United States and internationally. Access more information by visiting www.golubandcompany.com.
About AB Capital
AB Capital LLC is a commercial real estate firm based in Atlanta, GA recently organized as a vehicle for the joint activities of its two principals J. Dwight Bell and Scott J. Arnold. Mssrs. Bell and Arnold, longtime friends and business collaborators, combine complementary skill sets honed over many years in different sectors of the commercial real estate world. Mr. Bell brings a long and diverse resume as a classic full service real estate developer with rich experience in the office and multi-family sectors. Mr. Arnold led a global real estate law practice at a major law firm, concentrating in capital markets before co-founding a boutique private equity firm. AB Capital LLC has been formed to pursue unusual and perhaps complicated development and investment opportunities in the Southeastern US taking advantage of the many contacts cultivated by the principals of the firm over the years. AB Capital can invest in its projects for its own account and with third party private and institutional capital. The firm can also provide an array of development and asset management services befitting the diverse experiences of its principals.