ARA Acquires 329-Unit Atlanta Luxury Community
- Sep 14, 2018
American Realty Advisors has acquired Azure on the Park, a Class A, luxury high-rise apartment community in Atlanta.
Located at 1020 Piedmont Ave. NE, the property comprises 329 units. Azure on the Park offers studio, one-, two- and three-bedroom floorplans, as well as penthouse apartments, ranging from 547 to 1,513 square feet. According to Yardi Matrix, the asset was 89.4 percent occupied as of July 2018.
The purchase follows a number of other acquisitions ARA made in the past few months, most recently snapping up a mixed-use tower in Austin that included apartments as well as retail and office space.
Atlanta’s luxury living
Azure on the Park’s interior features include five designer interior collections and upgraded penthouses, reclaimed barnwood accent walls, plank flooring, floor-to-ceiling windows, quartz countertops with undermount sinks, frameless glass showers, Whirlpool and KitchenAid stainless-steel appliances, full-size washer/dryers, custom closets, glass and tile backsplashes, Nest Learning thermostats, Bluetooth-distributed audio systems, electronic door entry systems, integrated high-speed fiber access and upgraded plumbing and lighting fixtures. Common-area amenities include:
- rooftop saline pool with clear edge
- views of Piedmont Park
- state-of-the-art fitness center
- rooftop movie theeater
- Sky Club with billiards, entertainment dining and Starbucks coffee bar
- 22nd floor overlook with outdoor kitchen, grilling stations and TV lounge
- seventh floor terrace with outdoor kitchen, grilling stations and bocce ball court
- package and dry cleaning service
- dog spa and dog walk
- resident and bike storage
- electric vehicle charging stations
- Zipcar locations
- front desk and online concierge
- 24-hour emergency maintenance
The LEED Gold-certified Azure on the Park overlooks Piedmont Park, providing residents with 189 acres including a range of culture and recreation options. The property is also surrounded by more than 150 restaurants, art exhibitions and upscale retailers.
“Piedmont Park serves as a central urban green space and cultural resource to local residents. It is a vital part of the Midtown landscape and major attraction to the area, all adding to the long-term value of the Azure asset,” said David Willett, senior director of the investment group at ARA, in a prepared statement.
Walker & Dunlop’s Kris Mikkelsen, COO & managing director in the Atlanta office, represented the seller in the transaction.
Video courtesy of Azure on the Park