CBRE facilitated the sale of phase one and two of the mixed-use development.
CBRE Friday in a press release announced the finalized sale of Emory Point phase one and two to Blackstone, which sets a new record for multifamily pricing in metro Atlanta by over $25 million.
Blackstone, a multinational private equity firm, purchased Emory Point in full from Cousins Properties and Gables Residential for $199 million.
“It was our CBRE team’s distinct pleasure to work with Cousins and Gables on the sale of Emory Point and to experience daily the results of exceptional design and development skills deployed by both firms in the property’s creation,” Paul Berry, CBRE Vice Chairman, said in the release.
“Emory Point’s thoughtful details are evident at every turn, translating to a superior experience for residents, shoppers and diners and a lasting value for investors. We expect that Blackstone will have a rewarding ownership experience with this asset which is truly one of the finest mixed-use properties in the Southeast.”
Emory Point, which delivered in two phases, 2013 and 2015, includes 750 apartment units as well as 125,000 square feet of retail.
Retail tenants include Earth Fare, CVS, General Muir, Marlow’s Tavern and Tin Lizzy’s. Emory Point was the first development of its kind in the Clifton Rd/Emory/CDC area of metro Atlanta.
Emory Point was developed on land owned by Emory University and ground-leased to the developer. This Earth Craft certified, urban-style mixed-use project received the 2013 ULI Atlanta Development of Excellence Award.
CBRE’s Paul Berry, John Whitlow, Chris Decoufle and Kevin Hurley represented Cousins Properties and Gables Residential, and CBRE’s Robert Kadoori secured acquisition funding.