Black Creek Group Shells Out $117M in Atlanta
The Class A property built in 2018 marks the company's third multifamily acquisition this year.
Black Creek Group has acquired Hanover Perimeter, a 384-unit Class A community in the Central Perimeter submarket of Atlanta. The Hanover Co. sold the asset for $117 million.
Completed in 2018, the property comprises one- and two-bedroom apartments. Common-area amenities include a three-story clubhouse, swimming pool, media room and fitness center. Hanover Perimeter was 96 percent leased at the time of the sale.
Located at 1110 Hammond Drive on roughly 3 acres, the community is close to the intersection of Interstate 285 and State Route 400, some 12 miles north of downtown Atlanta. Northside Hospital Atlanta and several other medical facilities are located nearby. The area also provides many retail options, including Perimeter Mall, which is within 1 mile of the property.
This is the third multifamily asset that Black Creek Group has purchased in 2019. In July, the company acquired a 333-unit property in Rockville, Md. and a 268-unit building in Winter Park, Fla. The portfolio deal was worth $178 million.