ATLANTA-Recent multifamily sales in and around Atlanta confirm that the recovery is on solid ground. In fact, one local multifamily broker contends that sales prices are at or exceeding the peak levels reached in the mid to late 2000s.
Chris Span, an executive director with Cushman & Wakefield‘s multifamily practice, says that what is driving the lofty prices for multifamily product in markets such as the Central Perimeter is that rents, which were down by 25% at the height of the downturn, have climbed all the way back, according to the Atlanta Business Chronicle.
“In many cases we have even bypassed peak rents of ‘07,” Spain notes.
He adds that the recovery is not limited to the metro Atlanta market, pointing to a number of recent sales deals, including AIG Global and Lincoln Property Co.’s purchase of Dunwoody Station for $73 million, which sold for $47 million in 2009. See story in the Atlanta Business Chronicle.