Joint venture sells new Buckhead apartment building 

by John Yellig

Courtesy of Modera Prominence.

A joint venture between two Florida-based real estate companies sold the 319-unit Modera Prominence apartment community in Buckhead to an affiliate of the Lone Star Funds private equity firm. 

Courtesy of Google Maps.

Modera is a class-A luxury multifamily building encompassing 319,000 square feet of rentable space. It was completed last year and is located next to Atlanta Tech Village, Peachtree Park and Buckhead Village on the corner of Peachtree and Lenox roads. 

The sellers were West Palm Beach-based Wexford Real Estate Investors and Boca Raton-based Mill Creek Residential. Financial details of the sale were not disclosed. 

Modera sits on 2.8 acres, and its units average just over 1,000 square feet, according to a press release. The ground floor has a 21,000-square-foot retail area that wraps around the corner of Lenox and Piedmont. 

Community amenities include a pool deck, bar and lounge, pet spa, a two-story fitness center and a Peloton studio, while the units include Caesarstone countertops, wood plank-style flooring, Nest thermostats and floor-to-ceiling windows. 

“Modera Prominence is the epitome of luxury in Buckhead,” WREI President and Co-founder Joseph Jacobs said. “Working with Mill Creek was a privilege, and it was our pleasure to partner with them on this project.” 

Cushman & Wakefield’s Sunbelt Multifamily Advisory Group marketed and sold the property for the joint venture. 

“Modera Prominence is yet another fantastic and successful development by Mill Creek Residential in the Atlanta market,” said Cushman & Wakefield Executive Vice Chairman Robert Stickel. “They and their partner, Wexford Real Estate Investors, saw the benefits of Buckhead’s access to various job centers and unique features of the city, including Path 400 and Chastain Park.”  

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