Fund III

Puritan Mill

Atlanta,

GA

Total Required Equity
$7,908,460
Asset type
Office
Investment Objective
Value Add
Realized IRR
22%
Hold Period
4 Years
Investment Date
March 2017

Investment Summary

We acquired Puritan Mill in March of 2017 and during our 4.5 year hold made major upgrades to HVAC systems while still maintaining 100% occupancy and rent renewals that exceeded our initial projections by 18%. This 83,062 square foot adapted re-use loft office project was situated in the thriving West Midtown submarket of Atlanta and offered a unique open and create office environment alongside a popular lively event venue. With direct accessibility to the Midtown, Buckhead, and Downtown neighborhoods, as well as the Beltline and Microsoft’s recently announced 90-acre Atlanta campus, the property offered our tenants the convenience of an infill urban location plus the dynamic work environments that are synonymous with West Midtown.

We orchestrated a strategic combined sale of Puritan Mill with another one of our properties, Ellsworth Lofts, to activate a robust bidding competition from four institutional investment groups, and the marketing process yielded a sale price of $32.5 million for Puritan Mill, 7% higher than the previously negotiated sale price and 70% higher than our investment basis. We completed the sale in September of 2021 during COVID-19’s disruption to the office market, and generated a gross IRR of 22.3% and a gross equity multiple on investment of 2.39x over the 4.5 year hold.

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