North American Properties has sold Anthem on Ashley, a newly constructed luxury community in Atlanta, to Invesco Advisers. The 244-unit asset changed hands for $370 per square foot. NAP kicked off the development in mid-2015, according to Yardi Matrix data, with the building welcoming its first residents in January. JLL Multifamily Investment Sales negotiated the deal on behalf of the seller.
Anthem on Ashley rises six stories at 720 Ralph McGill Blvd. N.E., connected to the city’s 17-acre Historic Fourth Ward Park. The property is situated a stone’s throw from Georgia Route 10, two miles north east of downtown Atlanta.
The property contains a mix of studio, one- and two-bedroom units, with floorplans ranging from 673 to 1,415 square feet. Community amenities include:
- saltwater pool
- sky deck
- 24-hour fitness center
- 6,000 square feet of restaurant and retail space
- rentable micro-offices
“Urban trail-oriented development is the new beachfront property, as people of all ages increasingly seek to live in active, walkable environments that offer a diversity of experiences,” said Richard Munger, partner & senior vice president of residential development at NAP, in a prepared statement.
NAP has maintained an active development portfolio in the South, with the recent delivery of Emblem, a luxury community in suburban Nashville.
Image courtesy of Yardi Matrix