NBA Hall of Famer’s company, Wood Partners buy condos at The Brookhaven to turn into rentals

Admiral Capital Group, headed by a member of the NBA Hall of Fame, just bought The Brookhaven, A 17-story, 240-unit  condo building located at 3833 Peachtree Road (just north of Buckhead in Brookhaven), to turn it into rental units. The Admiral is the nickname of former Spurs star David Robinson.

Admiral Capital Group's Dan Bassichis (from left) with 
David Robinson and SDM Partner's Steve Marin and 
USAA's Greg Knowles during recent Atlanta meeting.

In a joint venture with Wood Partners, Robinson picked up the remaining unsold condo units (209 total) at The Brookhaven from The Private Bank for an undisclosed sum, Admiral Capital Group’s Dan Bassichis told Bisnow online real estate news service.

Bassichis was in Atlanta for a broker event at 200 Ashford Center North, a 160,000-square-foot office building in the Central Perimeter market that Admiral and SDM Partners purchased last month in a joint venture with USAA.

The Brookhaven was built in 1985. Interior renovations, including hardwood floors, new cabinetry and enclosed sunrooms, were completed in 2008.  Wood Partners plans to further renovate The Brookhaven with a new fitness center, outdoor bar and bocce ball court, as well as expanded parking. Amenities already featured at the property include a heated pool, saunas and a lighted tennis court.

Admiral Capital Real Estate Fund, based in San Antonio, Texas, is a joint venture between USAA Real Estate Co. and Admiral Capital Corp. David Gutting and Derrick Bloom of Jones Lang LaSalle's Capital Markets represented the joint venture in the transaction. 

Georgian Hills apartments redevelopment begins

A joint-venture of Atlanta-based companies Kaufman Realty Group LLC and Atlantic Realty Partners Inc. have begun redeveloping the aging Georgian Hills apartments at 1185 Collier Road in southwest Buckhead between Defoors Ferry and Howell Mill roads.  

Artist's rendering of  The Reserve at Collier Hills

In place of the more than 40-year-old apartment complex, Atlantic Realty Partners will develop the 18-acre site into a 288-unit mid-rise apartment project and a second phase of 51 single-family townhomes, which the companies have named The Reserve at Collier Hills.

The redevelopment of the project is financed with capital from an affiliate of Heitman LLC, Community & Southern Bank, and equity from Kaufman Realty Group and Atlantic Realty Partners.