Associated Estates Realty Corporation Acquires Luxury Apartment Community
- Mar 06, 2015
The recently completed 1160 Hammond luxury rental community was picked up by Associated Estates Realty Corporation, the Ohio-based company announced in a press release. The multifamily property is located in the Sandy Springs/Perimeter submarket of Atlanta, within walking distance of the Sandy Springs MARTA station along with 29 million square feet of offices and retail options including the Perimeter Mall.
The buyer is a real estate investment trust and a member of the S&P 600, Russell 2000, and MSCI US REIT Indices. Headquartered in Richmond Heights, Ohio, Associated Estates’ portfolio consists of 57 apartment communities containing 15,206 units located in 10 states, including three properties in the Atlanta market with 699 units in total.
The 345 apartment units at 1600 Hammond are available in various floor plans from 547 to 1628 square feet. The studio units as well as the roomier configurations with up to three bedrooms and two baths come with 10-foot ceilings, granite countertops, tiled backsplashes and plank-style flooring. The homes also include kitchen islands and upscale cabinets. The building offers 16,000 square feet of amenity space with a clubhouse, 24-hour soundproofed exercise and training room, social lounge, game room, climate controlled corridors, saltwater pool, indoor resistance pool and hot tub, business center, sauna as well as a smoke-free policy.
The newly-constructed property is leasing and is currently 44.6% leased with average rents of approximately $1,550 per month.
Image source: 1160 Hammond via Facebook