ATLANTA—Virginia Highlands, a 270-unit, garden-style multifamily community in Atlanta’s historic Virginia Highland district, has traded hands. Fairfield Residential sold the multifamily asset to TA Associates for $41 million.
HFF managing director Jason Nettles and director Megan Thompson led the investment team representing the seller. The multifamily property was sold free and clear of existing debt.
“This property’s strong historical performance and its irreplaceable location in one of Atlanta’s most walkable locations presented investors a tremendous value-add opportunity,” says Nettles. Virginia Highlands is located at 609 Virginia Avenue with 600 feet of frontage on The Atlanta Beltline.
The multifamily community is also close to Piedmont Park and the soon-to-open Ponce City Market. Sitting on 6.5 acres of land, the multifamily property offers studio, one- and two-bedroom units averaging 744 square feet each.
Fairfield, which consistently ranks among the leading multifamily developers, buildings, redevelopers and managers, did not comment on why it decided to sell the asset. But the asset is in strong hands with TA, which is one of the largest and most experienced privately held real estate advisors in the US. TA manages 96 million square feet of commercial real estate and 8,900 residential units located in 35 markets nationwide.