North American Properties-Atlanta, the owner of Newport on the Levee, is set to be acquired by international real estate investment manager Jamestown.
North American Properties-Atlanta operates as a subsidiary of Cincinnati-based North American Properties. As of June 2024, the Atlanta subsidiary had approximately $2 billion worth of assets under management, including several developments around metro Atlanta.
Jamestown, an investment manager with a portfolio that spans across the United States, Latin America and Europe, already has a strong presence in the Atlanta market. As part of the transaction, Jamestown will make an investment in real estate assets like Colony Square in Atlanta, The Forum Peachtree Corners in Peachtree Corners, GA, Avenue East Cobb in Marietta, GA, Birkdale Village in Huntersville, NC, Ridge Hill in Yonkers, NY, in addition to Newport on the Levee.
The deal is expected to close in the fourth quarter of this year, according to a press release. There is no reported transaction price as of now.
“Our goal is to be the best mixed-use investor and operator globally, focusing on creating innovation hubs and community centers,” Jamestown CEO Matt Bronfman said in the release. “As part of the firm’s next chapter, Jamestown plans to continue to scale its vertically integrated platform and mixed-use expertise to more markets. This acquisition advances our goal and is a major step toward realizing our long-term vision for the future.”
As part of the deal, North American Properties-Atlanta will rebrand its operating platform and assets under the Jamestown name. It’s employees will also move under Jamestown’s management. Despite this, North American Properties will still retain a stake in the properties.
Cincinnati-based North American Properties will continue to own and operate real estate through its other affiliates.