Activity in Atlanta’s multifamily market is heating up.
Two separate apartment metro Atlanta apartment complexes were sold for an aggregate of $154.5 million.
Greensboro, N.C.-based Bell Partners Inc. bought the 380-unit community Alexander at the Perimeter just off of Ashford Dunwoody Road in Atlanta for more than $75 million or about $197,400 per unit. The community will be renamed Bell Perimeter Center and will be managed by Bell Partners.
“Major corporate expansions and limited new supply in the perimeter center submarket continue to drive rental rates and strong investor interest,” said Jake Reid, senior director of multifamily sales in Franklin Street Real Estate Services’ Atlanta office.
In the Westside, New York-based Bluerock Residential Growth REIT Inc. (NYSE: BRG) bought a leasehold interest in the class-A, 336-unit, mixed-use Tenside Apartment Homes at 1000 Northside Dr. near Georgia Tech for $74.5 million, or about $197,900 per residential unit and $205 per square foot of retail space. The community will be rebranded as the Arium Westside.
“Tenants are taking even more interest in walkability as an amenity, so a mixed use component within the sought after West-Midtown market should support ownership’s ability to continue to push rents,” Reid said.