Recent Acquisitions
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Ascent at Riverdale; Atlanta, GA
Mebane, NC – July 31st, 2019 – Cannell Capital Partners (CCP), a multifamily acquisitions and asset management company, announced today it recently closed the purchase of Ascent at Riverdale Apartments in Riverdale, GA.
Ascent at Riverdale, built in 2 phases in 1972, consists of 180 apartment and townhome style units and 218,328 square feet of rentable space.
Ascent was acquired in an off-market transaction facilitated by Chandler Brown of Greystone Brown Real Estate Advisors.
"Cannell Capital Partners’ impressive track record paired with their ability to quickly produce a strong, confident offer allowed them to preempt the marketing process of Ascent at Riverdale. Within 48 hours of being presented the opportunity, CCP’s principals, property management, and debt origination teams conducted an in-person property tour which further solidified their underwriting and certainty of sale. This level of dedication and focus was paramount for the sellers who were looking for seamless closing process." said Chandler Brown.
Ascent is situated in the growing and affordable Clayton County area of Atlanta, within the city of Riverdale. It is also 7 miles from one of CCP's best performing assets, the 121-unit property known as Level at Mount Zion (formerly Regal Pointe).
"Clayton County is experiencing robust job growth from fueled the Atlanta Hartsfield-Jackson airport and a variety of supporting industries including transportation, logistics, and the film industry, as well as vibrant retail options," said Peter Cannell, founder of CCP. “The success we have had at Regal Pointe gave our team a high degree of confidence in the business plan and ability to execute at Ascent."
Cutt Ableson, senior managing director for Berkadia’s Houston office, has provided Freddie Mac financing for this acquisition.
"CCP’s Riverdale acquisition will reflect another excellent opportunity for residents seeking quality affordable living. As it is well located with proximity to employment and services, Ascent sets up ideally for CCP to set forth sophisticated management and renovate units while providing a sense of community at price points that will be attractive to area residents. Berkadia originated a 10 year fixed rate Freddie Mac loan with interest only payments which allows for operational overhaul and asset improvements."
CCP plans to deploy new capital for interior renovations including kitchen appliances and countertops, flooring, and lighting updates. An innovative solar power system has been deployed to power common area lighting and we are positioned to benefit from those unique upgrades.
The budget also provides for exterior renovations including the addition of hardy board siding, landscaping improvements and pool updates.
CCP plans for this to be a long term hold, capturing the long term growth prospects for this submarket, but will seek opportunities to exit earlier if market conditions warrant it.
Meadow Crossing; Atlanta, GA
Mebane, NC – August 7th, 2018 – Cannell Capital Partners (CCP), a multifamily acquisitions and asset management company, announced today it recently closed the purchase of Meadow Crossing Apartments in Conyers, GA.
Meadow Crossing, built in 1984, consists of 182 units and 191,380 square feet of rentable space.
Meadow Crossing was acquired in an off-market transaction facilitated by ARA investment sales. CCP's success in this submarket and strong relationship with Berkadia commerical mortgage enabled this acquisition to occur without going through a public marketing period.
Meadow Crossing is situated in the growing and affordable Rockdale County area of East Atlanta, within the city of Conyers.
"Rockdale County is experiencing robust job growth from a variety of industries including transportation, logistics, and the film industry, as well as vibrant retail options," said Peter Cannell, founder of CCP. “The success we have had in Conyers gave our team a high degree of confidence in the business plan for Meadow Crossing."
Cutt Ableson, senior managing director for Berkadia’s Houston office, has provided Fannie Mae financing for this acquisition.
"The Meadow Crossing acquisition exemplifies CCP’s vision for implementing a consistent operational plan which yields superior results versus the competition. Meadow Crossing represents near identical floor plans and site design to Tall Oaks. Tall Oaks (less than 4 miles away from Meadow Crossing, acquired by CCP in 3Q17) is a proven market leader which offers it’s residents enhanced unit amenities and finishes at an affordable rate while driving investor returns. Fannie Mae recognized the opportunity for CCP to replicate a proven business plan and Berkadia was pleased to originate Fannie Mae financing on behalf of CCP."
Onsite property management will be handled by Atlanta-based First Communities (FCM).
“With their 30+ years of property management expertise, FCM continues to provide a platform for us to grow our portfolio in a scalable, cost effective way,” said Peter Cannell.
CCP plans to deploy new capital for interior renovations including kitchen appliances and countertops, flooring, and lighting updates. Water efficiency has recently been implemented and we are positioned to benefit from those upgrades.
The budget provides for exterior renovations including replacing all the roofs, painting buildings, landscaping updates and pool updates.
CCP plans to hold this property until the debt comes due in approximately 5 years and will seek opportunities to exit earlier if market conditions warrant it.
Tall Oaks Apartments; Atlanta, GA
Mebane, NC – September 22nd, 2017 – Cannell Capital Partners (CCP), a multifamily acquisitions and asset management company, announced today it recently closed the purchase of Tall Oaks Apartments in Conyers, GA.
Tall Oaks, built in 1984, consists of 174 units and 205,570 square feet of rentable space.
Tall Oaks was acquired in an off-market transaction facilitated by Berkadia investment sales. CCP's past transactions with the seller enabled this acquisition to occur without going through a public marketing period.
Tall Oaks is situated in the growing and affordable Rockdale County area of East Atlanta. "Rockdale County is experiencing robust job growth from a variety of industries including transportation, logistics, and the film industry, as well as vibrant retail options," said Peter Cannell, founder of CCP. “A growing employment base and a vibrant local economy are key drivers fueling demand for multifamily housing."
Cutt Ableson, senior managing director for Berkadia’s Houston office, has provided Freddie Mac financing for CCP's multifamily acquisitions.
"CCP has proven to be a significant value-add player in the Atlanta MSA and the GSEs have taken notice. CCP has continually exceeded proforma expectations and due their robust portfolio performance was able to secure non-recourse financing through Berkadia’s Freddie Mac Seller-Servicer Program. The 4.15% fixed rate includes multiple years of interest only which enables CCP to carry out their extensive renovation plan."
Onsite property management will be handled by Atlanta-based First Communities (FCM).
“With their 30+ years of property management expertise, FCM provides a proven platform for us to grow our portfolio in a scalable, cost effective way,” said Peter Cannell.
CCP plans to deploy new capital for interior renovations including kitchen appliances and countertops, flooring, and lighting updates. Water efficiency will be implemented property-wide to reduce utility expenses and protect the environment.
The budget provides for exterior renovations including roof replacements, landscaping updates, multi-use sports court and a new sign package.
Regal Pointe Apartments; Atlanta, GA
Mebane, NC – June 6th, 2017 – Cannell Capital Partners (CCP), a multifamily acquisitions and asset management company, announced today it recently closed the purchase of Regal Pointe Apartments (Regal) in Atlanta, GA.
Regal consists of 121 units of 1, 2 and 3 bedroom units, 99,521 square feet of rentable space, built in 1973. Occupancy was 98% as of closing on June 1st, 2017.
Regal is situated in the growing, yet still affordable, Clayton County submarket. "Clayton County is experiencing significant job growth from a variety of industries including transportation, logistics, the film industry as well as the booming Hartsfield-Jackson airport which directly employs 63,300 workers," said Peter Cannell, founder of CCP. “Atlanta is also home to 18 Fortune 500 companies. Job growth and a vibrant local economy are a key driver to the long-term performance and stability of our assets.”
Cutt Ableson, senior managing director for Berkadia’s Houston office, has provided Freddie Mac financing for CCP's multifamily acquisitions.
“CCP's investment and operational acumen grabs the attention of prospective capital providers." As a repeat GSE sponsor, CCP was able to procure non-recourse financing through Berkadia's Freddie Mac Seller-Servicer Program. "The loan includes a 4.21% interest rate and multiple years of interest only payments which facilitates CCP's value enhancement plan for Regal."
Onsite property management will be handled by Atlanta-based First Communities (FCM). “With their 30+ years of property management expertise, FCM brings a high degree operational confidence in our projects that cannot easily be replicated,” said Peter Cannell.
CCP plans to deploy new capital for interior renovations including kitchen appliances and countertops, flooring, and lighting updates. The budget provides for exterior renovations such as pool updates, playground and dog park.
A complete renovation of the leasing center will commence immediately to include an open concept floor plan, new flooring and furniture, and a cyber cafe for residents. Also planned is commercial grade WiFi for common areas in conjunction with AT&T's planned rollout of gigabit internet to the property.
CCP expects strong performance from this most recent addition to its growing Atlanta portfolio.
Brighton Way Apartments; Atlanta, GA
Mebane, NC – Aug 22nd, 2016 – Cannell Capital Partners (CCP), a multifamily acquisitions and asset management company, announced today it recently closed on the acquisition of Brighton Way apartments in Atlanta, GA.
Brighton Way consists of 100 units of 1 and 2 bedroom apartments and over 100,000 square feet of rentable space. Occupancy was at 97% at closing.
“Brighton Way is ideally situated near both vibrant job centers and new infrastructure projects including the new Atlanta Braves stadium”, said Peter Cannell, CEO and Founder of CCP. “The Cumberland/Galleria submarket has a number of Fortune 1000 employers and is undergoing significant public and private investment.”
The property highlights include mature landscaping, a quiet neighborhood feel, pool and dog park.
CCP plans to inject new capital for interior renovations including kitchen renovations, flooring, and lighting. Exterior renovations are also underway including pool updates, decking upgrades, LED lighting, and a new dog park.
CCP seeks to acquire multifamily assets throughout the southeast.