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PAC Invests in Northeastern Atlanta Asset

Preferred Apartment Communities has acquired Green Park, a Class A, 310-unit community located in the northeastern part of metro Atlanta. The property’s previous owner was 360 Residential, Yardi Matrix data shows. 

The transaction involved a $39.7 million non-recourse, first mortgage loan closed by KeyBank National Association through Allianz.

Completed in 2016, Green Park comprises 14 buildings at 2037 Weems Road in Tucker, Ga. The community is adjacent to Northlake Mall and multiple retailers, restaurants and entertainment venues. Interstate 285, Atlanta’s Perimeter, is right next to the property.

Green Park features 24 studios, 132 one-bedroom, 146 two-bedroom and eight three-bedroom units, some of which are townhouses. Apartments range in size from 640 to 1,607 square feet. At the time of the sale, the Atlanta apartment community  was 95.2 percent occupied, according to Yardi Matrix, with monthly rents averaging $1,429. Common amenities at Green Park include a fitness center, business center, clubhouse, swimming pool and 620 parking spaces.

Preferred Apartment Communities Announces Acquisition of 310-Unit Multifamily Community

ATLANTA, GA - Preferred Apartment Communities announced the acquisition of a Class A multifamily community in the Atlanta, Georgia. The community, Green Park, consists of 310-units and was constructed in 2016.  Green Park is conveniently located in Tucker, Georgia minutes from Decatur, Virginia Highlands, Emory, the CDC and Perimeter Mall with direct access to I-285.

Green Park offers distinctive apartment homes located on a beautiful 3-acre park in Tucker, Georgia. Studio, 1, and 2 bedroom apartment homes along with 2 and 3 bedroom townhomes make up the serene community.  Interior comforts at Green Park Apartments feature sleek Slate cabinetry and Swan Grey granite countertops with a complimentary subway tile backsplash. All kitchens feature Stainless appliances.

The community is pet-friendly and features a bark park with a dog washing station. Amenities such as a Resort-Class Salt-Water Swimming Pool with Sun Shelf, and Outdoor Pavilion with a grill and fire pit, and a 24-hour State of the Art Health and Wellness Center with both Cardio and Strength Training are part of the community.