Fund III

Ellsworth Lofts

Atlanta,

GA

Total Required Equity
$8,313,205
Asset type
Office
Investment Objective
Value Add
Realized IRR
15%
Hold Period
4 Years
Investment Date
December 2017

Investment Summary

Located in Atlanta’s thriving West Midtown neighborhood, we acquired Ellsworth Lofts in December of 2017 and during the 3.8 year hold, occupancy increased from 70% to 92% at economic terms slightly above proforma expectations. A competitive strategic combination of Puritan Mill and Ellsworth Loft’s assets activated a robust bidding competition from four institutional investment groups, and the marketing process yielded a sale price of $29.7 million for Ellsworth, 16% higher than our total investment basis. The sale was completed in September of 2021 and the investment in the project – representing 6% of total Fund equity – generated a gross IRR of 14.5% and a gross multiple of 1.67x, a compelling result for office investments given the uncertain environment. At the time of sale, Ellsworth Lofts totaled 90,913 rentable square feet, offering a highly desirable collaborative workplace environment designed with access to abundant on-site and nearby amenities, including one of Georgia’s most celebrated restaurant, Bacchanalia and Star Provisions Market & Cafe.

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