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Alpharetta office complex sold to institutional buyer

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ALPHARETTA, Ga. — Private equity real estate manager Velocis has sold three assets in a portfolio sale to an institutional buyer, including Parkway at Avalon in Alpharetta.

Parkway at Avalon is a 194,644-square-foot, two-building office property directly across from Avalon, one of the top mixed-use developments in the South. Velocis purchased Parkway at Avalon in 2017 from a special servicer, LNR Partners, through an online auction platform and significantly repositioned the asset through a lobby renovation and amenity upgrades.

Terms of the sale were not disclosed.

The property was marketed for lease as having a free on-site fitness center and proximity to 22 restaurants, two luxury hotels, shopping and nature trails.

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Through prioritizing investments in the Sunbelt markets, Velocis acquired Kierland One in Phoenix, Parkway at Avalon in Alpharetta and 3120 Fairview Park in Falls Church, Va.

“By initiating several strategic renovations and marketing campaigns for each property, we were able to unlock value for our investors,” said Jim Yoder, co-founder and partner at Velocis. “These value additions, alongside our long-standing industry relationships, provided the perfect opportunity for all three assets from different markets to be sold together.”

Discussions on the deals began prior to the COVID-19 pandemic.

“We have been in discussion with the buyer for just under two years. Through patience and persistence, we were able to successfully execute on a portfolio sale by delivering meaningful capital back to our investors,” said Mike Lewis, co-founder and partner at Velocis.

Dallas-based Velocis has been active in real estate since 2010, purchasing 35 assets located in Sunbelt markets within Arizona, Colorado, Texas, Georgia, Florida, North Carolina, Virginia, Tennessee and the Washington D.C. Metro Area. Velocis is a private equity real estate investment firm, active in the acquisition, operation/management, and disposition of commercial real estate in the Sunbelt.

— Patrick Fox

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