Tenth Street Ventures and Braden Fellman Group bought multiple apartment buildings in Lindridge-Martin Manor neighborhood with plans to create a unified community by rebranding them as one garden style apartment complex called The Piet.
The exterior, to be painted by artist Chastain Bernard will be inspired by the neoplasticism movement with visual compositions of vertical and horizontal shapes using only black, white and primary colors to simplify and unify the buildings’ exteriors.
In the nearly $42 million transaction, TSV & BFG bought 13 buildings from multiple owners, totaling 335 units over 12.5 acres. Anchored by the 2175 Lenox Road NE building, the team also plans to connect the 1960s- and 1970s-era buildings with walking trails, two pools, several dog parks, more than a dozen grill stations, bocce ball courts and putting greens.
TSV is working on raising new funds from investors for other similar investments this fall. TSV has been focusing on buying older buildings in popular Intown neighborhoods then either renovating to sell as condos or lease as apartments.
In the spring, TSV opened Studio9Forty, an apartment project just blocks from Piedmont Park, which offers residents the option to Airbnb their units. In Buckhead, TSV renovated older buildings to develop Portico, where people can buy large, 2-bedroom condos for as low as $275,000. Also in Midtown, TSV recently purchased an apartment complex on Crescent Street at 13th Street that includes Tin Lizzy’s and Sutra Lounge and 14 units above creating a new type of mixed-use project.
TSV and BFG purchased three Decatur apartment complexes, including Adair Oaks, and plan to renovate the 100+ units using a protégé of Ryan Gainey, the renowned landscape architect who called Decatur home and had lived one street over. Cooper Sanchez will work on the landscape design and art for the exterior using Gainey’s essential design philosophies.