Greybrook Realty Partners Secures US$61,200,000 for a Multi-Family Residential Development Project with PMG in Atlanta, Georgia
TORONTO, Sept. 28, 2021 (GLOBE NEWSWIRE) — Greybrook Realty Partners Inc. announced today that its managed issuer has secured US$61,200,000 in committed equity capital to acquire and oversee the development of a prime parcel of land in Atlanta, Georgia. Together with its developer partner, PMG, the firm intends to develop the land located at 811 Peachtree Street NE into a mixed-use multi-family residential building expected to include approximately 460 rental units with office on two floors and retail at grade.
The project is the most recent addition to Greybrook and PMG’s growing national platform of thoughtfully designed social living and co-living multi-family rental developments in the United States. Located at the intersection of 6th Street NE and Peachtree Street NE, the site is situated in the heart of Atlanta’s growing and vibrant Midtown neighbourhood. The development site is within walking distance of several area amenities and shops, nearby transit stations, and outdoor activities, including the Atlanta Beltline, Piedmont Park, and Atlanta Botanical Gardens.
Designed by Atlanta-based Global architecture and design firm Cooper Carry, the building will be a fantastic reflection of the Society Living brand and design standards. Society Atlanta will offer traditional rental units with efficient layouts, “Rent-by-Bedroom” (co-living) options and will include one floor of indoor residential amenity space, featuring a fitness studio, gym, theatre, full-service restaurant, lobby bar/salon, café, chef’s kitchen, dining hall, and co-working space. Society Atlanta will also offer over 34,000 SQ. FT. of outdoor amenity space, including an expansive pool deck with sweeping views of the surrounding Midtown Atlanta area.
“As the economic and social engine of the southeastern U.S., Atlanta has established itself as a magnet for young professionals and is an ideal location for our next Society Living community,” stated Sami Mouaket, Director, U.S. Investments & Development, Greybrook Realty Partners. “Through thoughtful building design, best-in-class amenities, and curated lifestyle programming, PMG is doing a tremendous job delivering what is proving to be a highly desirable housing option for today’s urban professional at attainable price points. We are very pleased to be bringing this exceptional offering to the Atlanta market.”
Midtown is one of Atlanta’s most coveted residential markets, offering urban living with a neighborhood feel and it is a premier business location and centre of innovation and talent. Midtown is home to Georgia Tech’s main campus, Emory University Hospital Midtown, and Tech Square, a multi-block district containing the highest density of start-ups, corporate innovators, academic researchers, and students in the entire southeastern United States. Microsoft, Google, Facebook, and BlackRock have each recently announced plans to expand their business into Midtown Atlanta, which are expected to bring jobs and attract talent to the neighbourhood.
“We are very pleased to be working with our long-time partner, Greybrook Realty Partners, to bring the first Society Living community to Atlanta,” said Ryan Shear, Managing Partner at PMG. “Having graduated from Atlanta’s Emory University, I’m thrilled to be expanding our southeastern footprint in the city. I am confident that our Society Living offering will be a great fit in Midtown and will be a welcome addition to a rapidly evolving and growing neighbourhood.”
Greybrook’s growing portfolio of Society Living developments include Society Las Olas in Downtown Fort Lauderdale, Florida; Society Biscayne in Downtown Miami; Society Wynwood in Miami’s Wynwood Arts District; and Society Denver located just south of Denver’s Capitol Hill neighbourhood.
For more information about Society Living, please visit https://societyliving.com.
About Greybrook Realty Partners Inc.
Greybrook Realty Partners is a leading Toronto-based real estate private equity firm focused on investments in residential development and value-add assets. The firm offers investors the unique opportunity to partner with leading North American real estate developers and share in value creation activities. Greybrook Realty Partners, through its affiliates, has invested over $1.4 billion of equity in more than 85 real estate projects across Canada and the United States. In aggregate, its real estate investment portfolio is expected to result in the development of over 44 million square feet of residential and commercial density, with an estimated completion value of $20 billion.
Founded in 1991 by Kevin Maloney, Property Markets Group (PMG) has gone from a local real estate operator based in New York City to a national investment, development, and asset management firm focused on large scale multi-family and for-sale condominium product, as well as select high-performing commercial holdings.
Today PMG is run by Managing Partners Ryan Shear and Dan Kaplan, currently operating projects across Florida, New York, Colorado, Arizona, Tennessee, and Georgia. Their vertically integrated team has departments specializing in acquisitions and land use, design and architecture, construction management, capital markets, asset management, sales and marketing, as well as significant in-house legal and accounting capabilities.
PMG’s current multi-billion-dollar nationwide portfolio includes assets across pre-development, construction, lease-up, and sell out, totaling more than 8,500 residential units and over 16 million square feet of development. Notable rental projects under the Society Living brand platform include locations in Denver, Nashville, Atlanta, Brooklyn, Fort Lauderdale and Miami. Notable current condominium projects include 111 West 57th Street in New York City, both E11EVEN Hotel & Residences and Waldorf Astoria Hotel & Residences in Miami, and Sage Longboat Key Residences outside Sarasota. Additionally, PMG is growing its Affordable Housing division nationally and announcing Waldorf Astoria branded residences in new locations shortly.
This news release contains forward-looking statements that are based on management’s current expectations and are subject to known and unknown uncertainties, which could cause actual results to differ from those contemplated or implied by such forward-looking statements. Greybrook is under no obligation to update or revise any forward-looking statements contained herein, whether as a result of new information, future events, or otherwise.
For further information:
Greybrook Realty Partners Inc.
Sarah Mansour, Executive Director, Strategy & Corporate Development
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