X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the multifamily market, click here.)

ATLANTA-Locally based private investor Uptown Buckhead LLC has acquired the 216-unit Ivy Chase apartment complex just north of the intersection of Piedmont Road and Roswell Road for $20.3 million. The seller was private investor Ivy Chase Associates LLC .

Ivy Chase Associates was represented in the transaction by locally based Transwestern investment service brokers and managing directors Mike McGaughy and Jon Kleinberg. Kleinberg tells GlobeSt.com that the property was sold because it was time in the investment cycle to sell the property. He adds that the buyer plans to make some capital improvements to the property’s interior and exterior in an effort to rise rents. “The buyer felt it was a good opportunity to buy property in a good location,” he says.

Built in 1989, Ivy Chase is located a short distance from Buckhead’s financial district, Lenox Square, Phipps Plaza, Peachtree Road, area hotels and boutique shops. “We were able to generate an exceptionally high number of offers for Ivy Chase from investors wanting to reposition the asset,” McGaughy says. “The seller was pleased with their investment and the buyer is enthusiastic about Buckhead’s continued growth.”

Kleinberg adds that a large amount of both debt and equity capital and a lack of alternative investments is driving interest among buyers across the county seeking to acquire real estate in Atlanta. “Investor demand remains strong for Atlanta multifamily communities,” he says.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.