Pacolet Milliken Enterprises, Inc. is pleased to announce that the company has closed on the acquisition of The Haynes House Luxury Apartments for $50.5 million from a partnership between AIG Global Real Estate Investment Corp. and Alliance Residential Company. The 186-unit, Class “AA” multifamily community is located on Peachtree Road near Peachtree Battle Avenue, at the entrance to Atlanta’s historic Haynes Manor neighborhood in Buckhead.

“Pacolet Milliken is excited to continue our expansion in institutional markets such as New York, Washington, DC, and now Atlanta,” said Clay Adams, executive vice president and head of real estate for Pacolet Milliken. “Atlanta is an important real estate market, and The Haynes House is a trophy quality asset which we expect to hold for a long time.”

The Haynes House opened in 2015 and is currently over 90 percent occupied. It features studios, one and two-bedroom units, a resort-style pool, fitness studio, library and lounge.  Unique to this project, the clubhouse adjacent to the pool is a stately Haynes Manor neighborhood home, re-purposed as common area space for the tenants. Situated on a 2.5-acre site at the northwest corner of the intersection of Peachtree Road NW and Peachtree Battle Ave NW, tenants have convenient access to the Peachtree Battle Shopping Center across the street, critically-acclaimed restaurants, upscale boutique shopping and the newly renovated E. Rivers Elementary School.

“Pacolet Milliken would like to thank Alliance, the nation’s top multifamily developer, and AIGGRE for working with us on this transaction.  Alliance and AIGGRE recognized an opportunity to reposition this site, which at one time was to be phase II of Regent’s Park, as an exceptional rental development,” said Adams.  “We would also like to recognize the excellent job done by Walker & Dunlop’s investment sales team, led by Greg Engler and Kris Mikkelsen, who identified this as a perfect investment for Pacolet Milliken.”

Pacolet Milliken previously owned a controlling interest in a Veterans Association medical office building in Decatur which was sold in 2015 for over $50 million, which is over $486/SF and one of the highest per square foot office sales in the history of the Atlanta market.