ATLANTA—Atlanta’s multifamily market continues to gain momentum with the sale of Axis at Perimeter. Developed by Lane Companies, Prudential snapped up the luxury multifamily asset for an undisclosed amount.
Jones Lang LaSalle managing directors Derrick Bloom and David Gutting, along with associate Elliot Howell, led team on the transaction. Axis at Perimeter is a 312-unit, class AA multifamily community in the heart of Perimeter Center.
“We saw strong interest from institutional investors seeking to acquire a well located, high-quality, core asset like Axis,” Bloom tells GlobeSt.com. “Perimeter Center is a very strong Atlanta submarket. Assets for sale here generally earn a lot of interest due to its strategic location at GA 400 and I-285, the blue-chip job base, and the strong demographics in the area.”
Although JLL declined to disclose the sales price, Bloom says the figure represents a “very attractive” price point relative to recent comparable infill Atlanta sales. In fact, he says the price was especially attractive given the high-end finishes, amenities, and the asset’s visibility and prime Perimeter Center location.
According to JLL, Atlanta is experiencing double-digit rent growth in conjunction with limited future supply. The number of apartments expected to break ground this year is the lowest in the past five years.
Axis at Perimeter is located at 8 Perimeter Center East in Atlanta, at the corner of Ashford Dunwoody and Perimeter Center. The property features a resort-style pool with cabanas and outdoor living room with fire pit. The multifamily property is currently 94% occupied.
What challenges remain in Atlanta’s multifamily market? “We don’t see significant challenges necessarily, the question will continue to be job growth, which we’ve seen some positive news on recently,” Bloom says, “and of course how long the single family housing market continues to struggle as that will be a leading indicator to the relative strength and outlook of the multifamily market in Atlanta.”
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