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Braves, Pollack Shores Sell 531-Unit Apartment Portfolio at The Battery for $156 Million

Atlanta-based Cortland Acquires Three Communities Adjacent to SunTrust Park
October 10, 2018
The Flats is one of the three communities Braves Development Co. and Pollack Shores sold to Cortland in a $156 million deal.

The Atlanta Braves might have fallen short in the playoffs this week, but its development company just hit a home run.

Braves Development Co. (BDC) and Pollack Shores Real Estate Group said late Wednesday they sold Home at The Battery, a trio of apartment communities they developed together in The Battery, a 1.5 million-square-foot mixed-use development anchored by SunTrust Park. Atlanta-based Cortland, a multifamily development and investment firm, acquired the three communities. Combined, Parkside, The Residences and The Flats comprise 531 units, 90 percent of which are occupied.

Cortland paid $156 million, or $293,785 per unit, for the portfolio.

The apartments are a key component of The Battery, which was developed by the baseball team and its partners to ensure activity around the stadium during the offseason, which for the Braves started Tuesday morning after being eliminated by the Dodgers the night before.

The Battery also features several restaurants, shops, an Omni Hotel and The Coca-Cola Roxy music venue, and has been deemed successful at attracting fans and shoppers and enticing fans to come to the ballpark early and stick around afterward.

"Home at the Battery Atlanta is a flourishing neighborhood that offers an unmatched living experience and serves as a blueprint for similar sports-anchored concepts now taking shape," said Mike Plant, president and CEO of Braves Development. "The Braves look forward to building on the strong momentum already generated at these outstanding residential communities, which will continue to serve as a signature component of our new home for years to come."

Plant credited Pollack Shores with "providing a visionary partnership" that helped establish The Battery as a year-around destination.

Pollack Shores President and Chief Executive Officer Steven Shores said the firm enjoyed its partnership with the baseball team and that it was the right time to sell. "Our decision to sell is reflective of a broader approach that recognizes strong demand for high-performing, Class A multifamily assets located near shopping, dining and entertainment," Shores said.

Parkside comprises 211 residences on Battery Avenue, directly adjacent to SunTrust Park's central plaza. The community features an exclusive clubhouse from which residents and their guests have views of the ballpark.

The Residences has 81 large apartments overlooking the terrace and streetscape in the center of The Battery. Its rooftop bar and lounge has a wrap-around balcony with views of SunTrust Park.

The Flats features 239 units in The Battery's shopping district and is steps away from its restaurants and retail shops.

For the record:

Patrick Jones and Kris Mikkelsen of Walker & Dunlop negotiated the sale for BDC and Pollack Shores.

For more information on the transaction, please see CoStar Comp #4541933.

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