The Square One mixed-use building in Sandy Springs is being purchased by a New York investment firm and an Atlanta-area apartment operator.
Also transferring to the new owners is a 10-year property tax abatement on the project — though the authority that granted the tax break could not immediately estimate its value.
Square One opened in 2016 at 6050 Roswell Road at the Hammond Drive intersection and was considered by city leaders to be an anchor for creating a new downtown area. The midrise building includes around 200 apartments, with rents in the $1,500-per-month range, and several businesses, including a Pho 24 restaurant.
According to state documents, the property has been owned by a limited liability company controlled by original developer Kaplan Morgan Real Estate Developers. Lincoln Property Company is the current apartment manager.
The new owners will be Angelo Gordon, a global investment firm based in New York, and Audubon, a Peachtree Corners company specializing in acquisition and management of multifamily residential properties. They are operating via an LLC called AG-ACV Square One Owner, registered in Delaware.
Regarding the companies’ plans for the property, Angelo Gordon declined to comment and Audubon did not respond to a comment request. Lincoln Property Company also did not respond to a comment request.
The property’s tax break comes through the Development Authority of Fulton County, which approved issuing up to $42 million in tax-exempt bonds for the project. The DAFC is technically the property’s owner until the 10-year abatement expires, but only on paper, as the current and new owners are free to build and change the site.
The “assignment” of those bonds and their tax benefits is transferring to the new owners, as approved June 22 by the DAFC board.
When the DAFC originally approved the bond issuance in 2013, it did not publicly disclose the estimated value of its tax breaks — and because of that, still can’t. Michel “Marty” Turpeau, the DAFC’s board chair and interim executive director, said that due to the age of the deal, “… I don’t believe we have an easily accessible/electronic copy of the analysis.”
The sale is expected to close in the third quarter of this year, according to DAFC.