NICOL INVESTMENT COMPANY SELLS 206-UNIT EVERGREEN LENOX PARK APARTMENT COMMUNITY ATLANTA’S BUCKHEAD NEIGHBORHOOD
Original Source: multifamilybiz.com
FEBRUARY 5, 2020
ATLANTA, GA – Nicol Investment Company (“NIC”), a family owned real estate investment firm headquartered in Nashville, Tenn., has sold Evergreen Lenox Park, a 206-unit luxury apartment community, to a New York-based pension fund in a successful off-market transaction.
NIC acquired the community in 2013 and invested more than $2.5 million to significantly upgrade the units, exterior, clubhouse and amenities.
“The location of Evergreen Lenox Park is exceptional. As opportunistic investors, we were able to acquire the asset and invest in many upgrades to help it become a top choice in the competitive, Class-A luxury apartment market in North Buckhead,” said Ron Johnson, Chief Financial Officer, NIC. “We have an excellent, experienced team and are always looking for attractive investments in key Southeastern markets.”
Evergreen, 100 Lenox Park Circle, is located in one of Atlanta’s most sought-after neighborhoods. The asset is in walking distance to top employers and close to shopping and dining experiences.
The sale of Evergreen marks Nicol’s sixth transaction in the last six months, including the sale of Hayes House apartments in Nashville, the acquisition of The Parker at Maitland Station apartments in Orlando and the acquisition of three self-storage facilities.
SOURCE: NICOL INVESTMENT COMPANY