{"id":11750,"date":"2024-06-03T01:53:39","date_gmt":"2024-06-03T06:53:39","guid":{"rendered":"https:\/\/1reason.com\/re\/pacific-urban-investors-enters-atlanta-market-with-acquisition-of-mount-vernon-flats-at-the-perimeter\/11750\/"},"modified":"2024-06-03T20:53:39","modified_gmt":"2024-06-04T01:53:39","slug":"pacific-urban-investors-enters-atlanta-market-with-acquisition-of-mount-vernon-flats-at-the-perimeter","status":"publish","type":"post","link":"https:\/\/1reason.com\/re\/pacific-urban-investors-enters-atlanta-market-with-acquisition-of-mount-vernon-flats-at-the-perimeter\/11750\/","title":{"rendered":"Pacific Urban Investors Enters Atlanta Market with Acquisition of Mount Vernon Flats at The Perimeter"},"content":{"rendered":"
Mount Vernon Flats at The Perimeter (rebranded The Kinsley at Perimeter Center) (the \u201cProperty\u201d) is located in the job- and amenity-rich hub of Perimeter Center in northern Atlanta. Pacific\u2019s entry into the Atlanta market is a continuation of broader portfolio expansion efforts throughout the East Coast which includes communities in the New York Metro, Boston, and Mid-Atlantic markets. <\/p>\n

\u201cWe are excited to bring our institutional capital relationships and longstanding track record in the multifamily space to the Atlanta MSA for both value-add repositioning and long-term core ownership. We fully expect this to be the first of many in the Atlanta MSA, a market in which we are significantly underweight, and we look forward to a productive 2024\u201d said Matt Lederer, Vice President of Investments at Pacific. \u201cThis investment in Atlanta represents an excellent addition in a core location with steady demand that fits squarely within Pacific\u2019s investment thesis: quality communities in core locations proximate to significant employment and lifestyle amenities. In addition, Kinsley offers a significant value proposition for residents as compared to more recent deliveries and home ownership.\u201d<\/p>\n

The Property is well-positioned in Perimeter Center, Atlanta\u2019s largest CBD (35M SF+ Office, with 130K+ Jobs), one-mile from the 1.5M sq. ft. Perimeter Mall, and a five-minute drive from Atlanta\u2019s largest concentration of hospitals (1,350 beds). The Property\u2019s location benefits from significant drive-by visibility due to its location on Mount Vernon Highway and is less than half a mile from State Route 400. Perimeter Center also offers an abundance of retail amenities, much of it walkable from the Property. Built in 1997, Mount Vernon Flats is a 3-story garden-style community on 24 acres with a density of 17-units per acre, a competitive differentiator from the higher-density communities in the immediate area, with large floor plans averaging 1,101 sq ft and a comprehensive amenity set.<\/p>\n

\u201cPacific would like to thank our counterparty, New York Life Investments, for achieving a very smooth transaction, leveraging our preexisting relationship with Walker Dunlop, the broker\u201d said Patrick Freydberg, Director of Investments for Pacific Urban Investors.<\/p>\n

About Pacific Urban Investors: The Palo Alto, CA-based company has over $8.5 Billion in assets under management and owns and manages a national portfolio of more than 21,900 units. The firm and its partners have decades of experience in apartment investments, both repositioning and \u2018re-manufacturing\u2019 multifamily assets and their income streams to their optimal, core potential. Pacific has progressed over time to become a best-in-class owner, operator, and asset manager in the multifamily space, serving as a fiduciary for its own partner capital as well as its strategic partnerships with institutional pension funds and other sophisticated investors. Pacific is actively acquiring multifamily assets as a principal and providing both co-investment and preferred equity for development, acquisition, and recapitalization.<\/p>\n

For more information, please visit www.pacificurbaninvestors.com<\/a>.<\/p>\n

Media Contact: Christine Briones
Office: 650.842.2390
Email: cbriones@pacificurbaninvestors.com<\/p>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

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PALO ALTO, Calif., May 07, 2024 (GLOBE NEWSWIRE) — Multifamily owner-operator and investment manager Pacific Urban Investors (\u201cPacific\u201d) has entered the Atlanta market acquiring their first property in the MSA totaling 412 units with a total consideration of $102.5 Million.<\/p>\n<\/div>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":[],"categories":[11],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/11750"}],"collection":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/comments?post=11750"}],"version-history":[{"count":1,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/11750\/revisions"}],"predecessor-version":[{"id":11783,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/11750\/revisions\/11783"}],"wp:attachment":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/media?parent=11750"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/categories?post=11750"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/tags?post=11750"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}