Fund III

Puritan Mill

Atlanta,

GA

Equity Invested to Date
$7,908,460
Asset type
Office
Investment Objective
Value Add
Investment Date
March 2017
Realized IRR
22.30%
Realized Net Multiple
2.38x

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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