ATLANTA and BOISE, Idaho – May 4, 2022 – Berkadia announced today the sale of The Residences at CityCenter, a 182-unit garden-style multifamily property located in Downtown Atlanta. Judy MacManus, Paul Vetter, Andrew Mays and Matt White of Berkadia Atlanta and Brandon Grisham and Jeff Irish of Berkadia Affordable Housing Senior Managing Directors, completed the record-setting LIHTC sale on behalf of the seller, Houston-based Domain Communities. The buyer was Florida-based AWP Real Estate (“AWP RE”), and the deal closed on March 31.
“Residences at CityCenter has an irreplaceable infill location within one of the fastest-growing submarkets of Atlanta, offering residents a true live-work-play lifestyle,” said MacManus. “Located adjacent to Mercedes Benz Stadium and the Vine City MARTA station, the property is minutes away from every major employment center including Hartsfield-Jackson Airport, Midtown and Atlanta’s central business district. The property will soon become a fully market rate community offering a strong value-add opportunity with continued capital infusion.”
Built in 1993, the property underwent a substantial renovation in 2018 by Domain Communities. Located at 55 Maple St. NW, The Residences at CityCenter is a gated community which features one-, two- and three-bedroom floor plans with walk-in closets and private patios or balconies. Community amenities include a swimming pool, a fitness center, a clubhouse, dog park and laundry facilities. The property affords residents convenient access to Mercedes-Benz Stadium, State Farm Arena, Georgia World Congress Center, CNN Center, Centennial Olympic Park and the numerous shops and restaurants in Downtown Atlanta.
“AWP Real Estate is extremely excited to have the opportunity to purchase this asset located in a dynamic area of Atlanta that will be transformed over the next few years by both new development and redevelopment,” said Steve Olson, CEO of AWP RE. “We believe the property has tremendous intrinsic value based on its location and over the next two years, AWP RE will work with Lincoln Properties to revitalize the asset with completely rehabbed interior units and an enhanced and upgraded exterior, along with additional amenities for the residents. The intention is to create a Downtown Atlanta community environment where residents are excited to live and call home within this historically vital area of the city.”