August 7, 2018
Ackerman & Co. and Pioneer Land Group Represent Drapac Capital Partners in Sale of 13.1-Acre Residential Land Parcel
KM Homes purchases site with 77 single-family lots for final phase of development at Canton Heights housing subdivision in Canton, Ga.
ATLANTA, Aug. 7, 2018 – The land team of Ackerman & Co. and Pioneer Land Group announced today it has represented Drapac Capital Partners in the sale of a 13.1-acre residential land parcel at Canton Heights in Canton, Ga., for $2,079,000. KM Homes was the buyer. The team, led by John Speros of Ackerman & Co. and Kyle Gable of Pioneer Land Group, brokered the transaction on behalf of Drapac. The buyer represented itself.
The construction-ready site will accommodate the development of 77 single-family homes in the final phase of Canton Heights, a housing community to ultimately feature a total of 176 homes.
The land team’s marketing efforts combined with the ability of St. Bourke – Drapac’s asset management partner – to obtain a land disturbance permit expedited the transaction timeframe and resulted in the property selling at 22 percent above the original asking price.
To date, the Ackerman and Pioneer group has represented Drapac in land sales totaling $27.9 million.
Located about 35 miles north of the city of Atlanta off Highway 20, Canton Heights is only 1.5 miles from the nearest Interstate 575 interchange and about 3 miles from the numerous shops and restaurants of downtown Canton, the county seat of Cherokee County.
“Demand for residential lots is extremely high in Cherokee County, but due to rising land prices and zoning restrictions, this parcel was one of the few remaining sites available for builders to develop detached homes under $250,000,” said John Speros.
The 77 new homes at Canton Heights will be served by the housing community’s existing cabana and pool. KM Homes, which has developed homes in metro Atlanta since 1985, specializes in building single-family homes starting at $175,000.
About Ackerman & Co.
Headquartered in Atlanta, Ackerman & Co. is a privately held, full-service commercial real estate firm focused on providing quality investment, brokerage, management and development services in the Southeast. The company, founded in 1967, retains an expert team of more than 100 real estate professionals. To date, Ackerman & Co. has developed and acquired 35 million square feet of office, medical, industrial, retail and mixed-use space, has 8 million square feet under management, and maintains an investment portfolio valued at $1 billion. For more information, visit www.ackermanco.com