ATLANTA, Oct. 29, 2004 (PRIMEZONE) -- Batard Partners, LLC, an affiliate of European American Realty, Ltd., today announced the sale of Paces 325, a 206-unit luxury high-rise condominium in Buckhead, to The Lincoln National Life Insurance Co. of Fort Wayne, Ind. The building was sold for approximately $47.7 million, and the sale, which includes all previously unsold units, was a result of a pre-construction agreement between the two companies.
"Paces 325 is the forerunner of several projects in the Buckhead Village which are guiding the revitalization of this neighborhood," said Scott Toberman, president and CEO of European American Realty. "We are happy with the results of our involvement in Paces 325 and look forward to its continued success."
Paces 325 is located at the corner of East Paces Ferry Road and Grandview Avenue in the Buckhead Village. The building was completed in spring 2004 and includes 4800 square feet of retail space. Batson-Cook was the construction manager, and Cooper Carry was the architect for the project.
Founded in 1987, European American Realty is a privately held real estate development and investment firm with offices in Atlanta and Chicago and maintains a portfolio of office, industrial and residential properties valued at over $300 million. Presently, affiliates of European American Realty are converting two former apartment communities, Villa Sonoma at Perimeter Summit in Atlanta and Tuscany at International Plaza in Tampa, to condominiums.