Capital 33 Secures Financing for 'Eco-Driven' Apartment Community on Beltline

Capital 33, an Atlanta-based commercial real estate investment and development firm, has secured a joint venture with JP Morgan Chase & Co. for a 325-unit luxury apartment community located next to Glenwood Park in Atlanta along the Beltline corridor.

Construction on the five-acre site, which will house 297,600 square feet of rentable space, is expected to begin in summer 2009 and be completed in winter 2010, according to Capital 33. The high-end units will be certified by the Leadership in Energy and Environmental Design (LEED), one of the first apartment communities in Georgia to receive the distinction.

“Our ability to acquire financing in the nation’s worst economic climate since the Great Depression speaks volumes about this project’s quality and potential,” said Colin Cavill, a Principal Partner at Capital 33. “Development opportunities are still possible if you’re offering the right product, in the right place and at the right price.”

Capital 33 acquired 880 Glenwood in 2008 for $5.3 million. “We look for areas where residents can make the most of their urban environment, including being able to walk to restaurants, shops and parks,” said Capital 33 Partner Mark Mecholwitz.

Holliday Fenoglio Flower (HFF), real estate investment advisors that helped obtain capital financing for 880 Glenwood, attributed the joint venture’s success to several factors. “880 Glenwood has an unbeatable location in the heart of intown Atlanta,” said HFF Director Michael Cale. “It’s accessibility to Glenwood Park, combined with Capital 33’s strong development experience, made the project compelling to investors.”

During the one-year zoning process, Capital 33 said they worked closely with neighboring communities to educate residents about the project’s compatibility with surrounding areas.

"We selected Capital 33 as a partner because its community-focused philosophy dovetails with those of the Beltline Redevelopment District," said Helen Tapp, State Director of the Georgia Office of Trust for Public Land (TPL), a national nonprofit land conservation organization. “This is a team effort, and we’re expecting a first class product to come out of the ground at 880 Glenwood.”

Apartment units at the five-story complex will range in size from 650-square-foot one-bedrooms to 906-square-foot two-bedrooms. All units will include luxury amenities, such as high-end counterops, kitchens with stainless steel appliances, 9-foot ceilings, Jacuzzi bathtubs, patios and balconies. “Green” features include energy-saving windows and appliances, low-water consumption plumbing and an eco-friendly roofing system.