Castle Lanterra Properties has purchased Premier Apartments, a 280-unit value-add community in Austell, Ga. The deal marks the New York-based company’s third purchase in the Atlanta multifamily market, expanding its local portfolio to nearly 1,000 units. According to Yardi Matrix data, the property previously changed hands in 2017, when Tudor McLeod Asset Management purchased it for $9.7 million.
Located at 7200 Premier Lane, Premier Apartments is in Cobb County, with downtown Atlanta just 17 miles southeast via Interstate 20. Residents have access to several shopping and dining options just a few miles away, down Thornton Road. The Platinum Triangle commercial and employment hub is roughly 16 miles northeast of the property and Hartsfield-Jackson Atlanta International Airport is within a 30-minute drive.
Completed in 1972, Premier Apartments comprises 22 two-story buildings standing on a 24-acre parcel, per Yardi Matrix data. The unit mix features one- to three-bedroom apartments, floorplans ranging from 790 to 1,325 square feet. Communal amenities include tennis courts, a swimming pool, a community lake and 550 parking spaces. The property was 84.3 percent occupied as of May.