A joint venture between Alex. Brown Realty, Inc. (ABR) and Hotel Development Partners has concluded plans to develop a 115 room Courtyard by Marriott in Alpharetta, Georgia. Funding for the project will come from a loan provided by Bank of North Georgia, a division of Synovus Bank along with a $7.2 million investment from ABR Chesapeake Fund V, a value-add real estate fund sponsored by ABR. The site of nearly two acres is located on Old Milton Parkway directly across from Avalon, an 86-acre mixed-use development. The scheme is scheduled to kick off in the fall of 20017.
“The site is ideally located,” said Tom Burton, ABR’s CIO. “It’s within walking distance to Avalon, an abundance of retail and restaurant amenities and also offers easy access to downtown Alpharetta and GA 400. In addition, HDP and Hotel Equities have extensive experience in the Alpharetta market, which we expect will contribute to the success of the asset.” The acquisition represents the first that ABR and HDP have carried out together.
