DUNWOODY, GA—Magnolia Capital acquired the Flats at Perimeter Place, a 323-unit apartment community in Dunwoody, GA, from Northwestern Mutual for $76.1 milllion. Robert Stickel, Mike Kemether and Alex Brown of Cushman & Wakefield represented Northwestern Mutual in the transaction. The sale price, which works out to $235,604 per unit, was reported by Real Capital Analytics, a proprietary research database that tracks commercial real estate transactions.
“Northwestern Mutual has been involved with Flats at Perimeter Place since lease-up and chose to invest in a condo-quality asset with Epicore Construction,” Kemether says. “Central Perimeter continues to be a magnet for corporate headquarters with job creation and therefore investor interest—and what better place to live than Flats at Perimeter Place, the most central, walkable property in the submarket?”
Flats at Perimeter Place is in Atlanta’s Central Perimeter submarket, the Southeast’s largest employment hub with 33 million square feet of office space. Surrounded by 4.5 million square feet of retail and walkable to both the Dunwoody and Sandy Springs MARTA rail stations, Flats at Perimeter Place is the most accessible apartment community in Central Perimeter. Amenities include a rooftop lounge with a tennis court, grilling station and bocce ball court; a resort-style swimming pool; a state-of-the-art fitness center with a yoga studio, cardio theatre and fitness classes; and four electric car charging stations.
“The marketplace has clearly recognized Flats at Perimeter Place as a special opportunity,” Stickel said. “We had depth and diversity from prospective purchasers. Ultimately, Magnolia Capital will be a part of the next chapter for this asset and submarket. With their experience in this submarket, they recognize this as an excellent opportunity to continue to invest in Atlanta’s exciting apartment market.”