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Spaxel announced today that it has acquired a 266-unit workforce housing asset situated in the Atlanta metropolitan area, with Avison Young arranging a joint equity partner for the firm.
Spaxel, a vertically integrated development and investment firm based in New York, purchased the Hills at East Cobb in Marietta, GA in a $45 million transaction. The multifamily residential complex is located at 1716 Terrell Mill Road, 1.5 miles from the new Atlanta Braves stadium.
GRANIT GJONBALAJ
Spaxel is led by managing partner Granit Gjonbalaj, previously chief development officer at WeWork, and partners Ben Siscovick and Jeff Dybas.
“Hills at East Cobb is a tentpole transaction for Spaxel in the Southeast, representing what will be the first of many transactions in the region,” Gjonbalaj said. “The asset has some of the largest floorplans in the market and is in a prime location benefiting from incredibly strong migration and macroeconomic trends. When combined with our ex