Joint venture partners Wexford Real Estate Investors and Mill Creek Residential Trust sold Modera Prominence, their Buckhead-based mixed-use apartment community, to an affiliate of Lone Star Funds, according to an announcement this week. The Class-A apartment building began move-ins in late 2020 and is located next to the Atlanta Tech Village, Peachtree Park, and Buckhead Village, at 3699 Lenox Rd NE. The sales price was not disclosed.
Modera Prominence sits on 2.8 acres and has approximately 319,000 square feet of rentable area with an average apartment size coming in just over 1,000 square feet. The ground-floor retail area wraps the corner of Lenox and Piedmont totals approximately 21,000 square feet.
“Modera Prominence is the epitome of luxury in Buckhead,” Joseph Jacobs, Wexford Real Estate Investors President and Cofounder, said. “Working with Mill Creek was a privilege and it was our pleasure to partner with them on this project.”
Cushman & Wakefield’s Sunbelt Multifamily Advisory Group marketed and sold the property. Members from that team included Alex Brown, Executive Director, and Robert Stickel, Executive Vice-Chair. Representing Mill Creek Residential Trust were John Harkey, Senior Vice President of Asset Management, and Patrick Chesser, Senior Managing Director of Development.
“Modera Prominence is yet another fantastic and successful development by Mill Creek Residential in the Atlanta market,” Stickel said. “They and their partner, Wexford Real Estate Investors, saw the benefits of Buckhead’s access to various job centers and unique features of the city, including Path 400 and Chastain Park.”
“The buyer, Lone Star, grew upon its presence in Buckhead and saw the opportunity to take advantage of rent growth,” Brown added. “Lone Star is in a great position to benefit from this asset, especially once restaurant-driven retail opens in the area this summer.”
Wexford Real Estate Investors has been very active since Q4 2021 with several multimillion-dollar deals completed. In December, Wexford Real Estate Investors and Key International teamed up to acquire the Pompano Beach Marriott Hotel for $54 million with plans to renovate the 219-key property.
Wexford Real Estate Investors also announced a joint venture with Beztak to develop an eight-story, 277-unit Bocora apartment project located in Boca Raton on a 4.1-acre site they purchased together for $12.7 million. Then, in late September, Wexford Real Estate Investors partnered with NYC-based L&L Holding Company and Miami-based 13th Floor Investments to pursue a transit-oriented mixed-use development in Downtown West Palm Beach with the acquisition of a prime 2.6-acre assemblage.