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Flats at Perimeter Place Goes for $76.1 Million in Atlanta's Central Perimeter

Chicago Firm Magnolia Capital Bolsters Portfolio with 323-Unit Community Located in Southeast U.S.' Largest Employment Hub
October 5, 2018
A multifamily real estate investor out of Chicago has paid $76.1 million to acquire a Class A apartment community in the center of the Southeast's largest employment hub.

Magnolia Capital's latest investment, the 323-unit Flats at Perimeter Place, is located in the Dunwoody area of north Atlanta in the Central Perimeter submarket, home to 33 million square feet of office space - the largest concentration of office space in the Southeast U.S. And the submarket continues to grow.

In August, Trammell Crow Co. and CBRE Global Investors broke ground on the latest development in the Central Perimeter with the construction of Twelve24, a 16-story, 335,000-square-foot office tower. The venture signed national IT staffing and services company Insight Global to a 175,000-square-foot lease back in January to anchor the project.

Insight Global was the latest in a string of companies building or relocating to new headquarters in the Central Perimeter, anchored by the 1.5 million-square-foot Perimeter Mall. Cox Communications, insurance giant State Farm and international automaker Mercedes-Benz each has constructed large build-to-suit offices in the current upcycle.

In addition to a heavy concentration of office space, The Flat's location across from the Perimeter Mall and on the opposite side of Ashford Dunwoody Rd. NE from the Walmart-anchored Perimeter Village positions it in the center of 4.5 million square feet of retail, and within walking distance to the Dunwoody and Sandy Springs MARTA rail stations.

The mid-rise community consists of studio, one- and two- bedroom apartments. The units average 989 square feet in size, and go for an average of $1,759 per month. On-site amenities available to residents include a rooftop lounge with a tennis court, grilling station and bocce ball court, pool, fitness center with a yoga studio, cardio theatre and fitness classes and four electric car-charging stations.

Completed in 2006, the community approximately was 92 percent occupied at the time of sale.

Robert Stickel, Mike Kemether and Alex Brown of Cushman & Wakefield represented Northwest Mutual in the sale. Magnolia Capital secured a $65.5 million for the acquisition through Walker & Dunlop, according to CoStar information.

Please see CoStar COMP #4534684 for more information on this transaction.
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