Equity Residential has purchased a 320-unit multifamily property in Atlanta for $126.25 million.
Trammell Crow Residential, and equity partner Diamond Realty Investments, were the sellers of the property. CBRE arranged the transition on behalf of the real estate firms.
"In the multifamily space, this will be one of the more important transactions of the year in Atlanta," Shea Campbell, vice chairman and managing director of CBRE's Southeast region said.
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"Despite the challenging capital markets environment, this deal was hyper-competitive and included nearly every notable institutional investor in the bidding process. This tells us that institutional investors have conviction in Atlanta's fundamentals."
The apartment complex is within walking distance of the Atlanta BeltLine's Eastside Trail and Historic Fourth Ward Park.
The luxury property, which was completed in 2023, allows tenants to choose from one and two-bedroom units or a studio space. The average size is 860 square feet, with each apartment including walk-in closets, washer & dryers, quartz countertops, USB outlets, keyless entry, and private balconies. Plus, the complex in the Old Fourth Ward neighborhood, comes with various amenities such as an entertainment bar, outdoor club, rooftop lounge, pool, fitness center, pet spa, and indoor clubroom.
While there are uncertainties in the economy right now, Equity continues exploring opportunities in the Sunbelt. Recently, it bought 11 apartments from Blackstone for $964 million. The portfolio includes 3,500 units located in Atlanta, Denver, and Dallas/Fort Worth, and was the largest multifamily purchase in the country in the past seven years by a public REIT.
With the recent activity, Equity could be trying to capitalize on the growing population in the Sunbelt. A survey from Clever Real Estate showed that Atlanta and Denver were among the top 10 most desirable places to live in the country.
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Anthony Russo
Anthony Russo has been contributing to GlobeSt. since July 2024. Along with CRE, his financial background expands to capital markets, the economy, and consumer issues. Previously, he has written for CapitalWatch and was a senior reporter for The US Sun.
