Officially, the buyer is C AND J ATLANTA LLC, an entity that formed in mid-July for purpose of owning the trophy tower. A search of Georgia corporations records shows that C AND J is controlled by John Joyce, a real estate investor with a home in Parkland, Fla. We identified the buyer while shopping this weekend. One of the salespeople lives in the tower and showed us an email saying that C AND J is the new owner and to start sending monthly rent payments to the LLC.
C AND J paid $121 million, or $376,000 a unit for the building with 330 apartments, according to Commercial Real Estate Direct.
C AND J acquired the apartment building that contains street-level retail from Daniel Corp. and Selig Enterprises, the team that developed it as part of its landmark 12th & Midtown mixed-use project.
Commercial Real Estate Direct says the politcally active Joyce is a Massachusetts investor, but we'll stick with Florida since he owns a nice home in Parkland. Now he owns one of the nicest apartment towers in the Southeast, too.