CBRE announced today that the firm has finalized the sale of Emory Point I and II, which sets a new record for multifamily pricing in metro Atlanta by over $25 million. Blackstone purchased Emory Point in full from Cousins Properties and Gables Residential for $199 million.
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 created a desirable town center nucleus along Clifton Road, surrounded by the Emory University campus and CDC headquarters. Emory Point is walkable to the area’s large population of workers and students, and the property’s exceptional mixed-use qualities were reflected in its numerous awards including the 2013 ULI Atlanta Development of Excellence Award.
“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,” said Paul Berry, CBRE Vice Chairman. “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.”
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.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
