High-Rise Fetches High Price in Buckhead
Simpson Housing paid $137 million for the 370-unit property, part of an upscale mixed-use project developed by OliverMcMillan.
The Residence Buckhead Atlanta, just acquired by Simpson Group, is part of an upscale mixed-use development.
Atlanta—A 370-unit high-rise community in the Buckhead Atlanta mixed-use development has traded for $136.5 million. Simpson Housing bought the asset from the developer, OliverMcMillan.
Completed in late 2014, The Residence Buckhead Atlanta comprises two 20-story apartment towers on East Paces Ferry Road NE in the upscale Buckhead neighborhood. The Residence encompasses two 20-story towers featuring a resort-style pool, manicured courtyard, a fitness center, theater, study, conference room, demonstration kitchen and concierge service.
In addition to the residential towers, Buckhead Atlanta features 300,000 square feet of open-air retail and eateries. Tenants include Hermès, Christian Louboutin, Tom Ford, Jimmy Choo, Doraku Sushi, Gypsy Kitchen, Le Bilboquet, The Southern Gentleman and Shake Shack. Also, the project is home to 100,000 square feet of office space serving as the corporate headquarters of Spanx Inc.
HFF marketed the residential towers on behalf of OliverMcMillan and had previously arranged construction financing for Buckhead Atlanta in 2013.
The HFF investment sales team representing the seller was led by senior managing directors Jason Nettles and Trey Morsbach, and director Megan Thompson. “The sale highlights the strength of Atlanta’s rental market and its ‘renter-by-choice’ demographic,” said Nettles in a statement.
