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South Florida Investor Shells Out $40 Million for West Midtown Apts.

The Griffin Fund Acquires 1960s-Era 500 Northside Community
January 24, 2018
Investor appetite for Atlanta apartments - even those built 50 years ago - remains strong.

Late last month, The Griffin Fund of Fort Lauderdale, FL paid $40.4 million, or about $115,000 per unit, for the 351-unit apartment community at 500 Northside Circle. The three-star, garden-style apartments, built in 1968 and renovated in 2016, sit on the edge of the hip West Midtown submarket and less than a mile from the Northside Dr./I-75 interchange.

Tyler Averitt, Josh Goldfarb and Robbie O’Bryan of Cushman & Wakefield represented the seller, Varden Capital Properties. "There was a quite a bit of interest in the deal, but it was off-market ultimately," O'Bryan tells CoStar News.

The location of 500 Northside, once overlooked as new development passed it by, has re-emerged as a key intown neighborhood in the city of Atlanta. It has easy access to Buckhead, Midtown and downtown, and the restaurants sprouting in West Midtown. Its ZIP code, 30309, encompasses major portions of Midtown and well-known neighborhoods of Ansley Park and Brookwood Hills.

"500 Northside is located in one of the highest Google-searched ZIP codes of Atlanta for rental apartments," Averitt said.

In the past 30 days, Midtown ranked as the highest-searched Atlanta neighborhood, according to Apartments.com. Buckhead was second, and West Midtown fifth.



Rents in those submarkets have jumped in the past two years, leaving millennials who prefer these areas searching harder for more-affordable housing options. 500 Northside "will offer renters a fully renovated, well-located affordable product that provides an alternative to new construction deals in the area asking much higher rents with smaller floorplans," Averitt said.

At the time of the sale, asking rents at 500 Northside averaged $1,137 per month for about 900 square feet. At roughly $1.26 per foot, rents at 500 Northside offer an affordable alternative for new intown stock that typically reaches $2 a foot and higher.

For more information on the sale of 500 Northside, please refer to CoStar COMP #4101134.

Tony Wilbert, Atlanta Market Reporter  CoStar Group   
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