An apartment complex along the Beltline, which has become Atlanta’s beachfront for property values, recently sold to a national firm for $126 million, setting a new high-water mark for 2024.
Chicago-based real estate investment trust Equity Residential paid nearly $400,000 per unit to acquire the Iris O4W complex at 652 Angier Ave. NE in a deal that closed July 23, according to the transaction’s brokerage firm CBRE. It’s the largest multifamily sale of 2024 so far in Atlanta and shows the high price companies are willing to pay to have a presence along the Beltline’s Eastside Trail.
“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 in a news release.
Credit: Courtesy CBRE
Credit: Courtesy CBRE
The 320-unit luxury complex in the Old Fourth Ward neighborhood was developed by Trammell Crow Residential, a subsidiary of Texas-based Crow Holdings. It opened last year at advertised rents starting at roughly $1,900 for a studio, $2,300 for a one-bedroom unit and $3,400 for a two-bedroom unit.
Located near Historic Fourth Ward Park, the apartment complex boasts high-end amenities such as a saltwater pool, keyless room entry, a pet spa and an outdoor club area with grills and a pizza oven. The Beltline segment surrounding the park is filled with some of the multi-use trail’s most popular attractions, including Ponce City Market and dozens of restaurants and shops.
The transaction was first reported by the Atlanta Business Chronicle, which determined it was the highest multifamily sales price in the city this year, citing data from Atlanta-based DataBank.
Credit: Courtesy CBRE
Credit: Courtesy CBRE
Equity Residential was Atlanta’s sixth-largest apartment owner before 2012, when the company divested its Atlanta portfolio as part of a $6.5 billion deal with AvalonBay Communities. However, the REIT has reentered the Atlanta market in recent years and ended 2023 with seven properties in the metro area, according to its annual financial statement.
Neither Equity Residential nor Trammell Crow Residential responded to a request for comment. Trammell Crow Residential told the Chronicle that Iris O4W has experienced “leasing success” since opening, saying it has “proven that Atlanta residents appreciate well-designed, well-constructed and well-located options for their living spaces.”
A CBRE team that included Campbell alongside Ashish Cholia, Kevin Geiger, Colleen Hendrix and Don Hoffman represented Trammell Crow Residential and its equity partner, Diamond Realty Investments, in the sale.
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