Clark Ventures, a privately-held firm specializing in the acquisition, operation, and development of upscale apartment communities, has sold Park at Abernathy Square for $132.6 million.
The Cushman & Wakefield team of Mike Kemether, Travis Presnell, and James Wilber represented Clark Ventures in the sale. Stockbridge Capital Group was the buyer.
The 484-unit community is in Sandy Springs, at 6925 Roswell Rd. Clark Ventures acquired the 35-acre property in 2015, executing a value-add strategy by investing over $18 million in property-wide renovations and a re-imagined amenity set, according to a press release Thursday.
Clark Ventures will redeploy the capital to acquire high-quality multifamily communities in desirable markets across the South. The Atlanta-based company operates a 4,200 unit portfolio in metro Atlanta and is expanding into Sunbelt states including Alabama, Tennessee, the Carolinas, and Florida.
“Clark Ventures is pleased to announce the sale of Park at Abernathy Square, an example of a well-executed plan by a dedicated team,” Josh Mudd, President of Clark Ventures, said in the release. “We congratulate Stockbridge Capital for picking up a high-performing asset with ample room to run in this strong market.”
The Atlanta-based firm’s operation and investment resulted in 98% occupancy and tremendous gains in collections. Built in 1977 by Post Properties, Park at Abernathy Square now boasts “top-of-the-market amenities” including a new clubhouse and a resort-quality pool.
As part of its green-up initiative, Clark Ventures replaced all windows with low-e glass panes, installed EV chargers and installed NEST smart thermostats in every unit. It also replaced roofs and gutters, all of which resulted in substantial energy savings for residents.
