Equity Residential Re-Enters Atlanta With $115M Buy
- Jul 09, 2021
Equity Residential has purchased SkyHouse South, a 320-unit high-rise community in Midtown Atlanta, from a partnership between Novare Group and Batson-Cook Development Co. Lee & Associates represented the buyer in the off-market transaction, which marks Equity’s return to the metro.
What Now Atlanta reported the property sold for $115 million, citing a June investor presentation from Equity Residential. The asset, completed in 2014, was developed with funds from the local government in the form of a $61.3 million construction loan, Yardi Matrix data shows.
The 23-story tower is on a 2.1-acre lot at 100 Sixth St. in Midtown. Apartments consist of studio to three-bedroom floorplans ranging from 577 to 1,418 square feet. Amenities include a gym, rooftop pool, outdoor kitchen, dog park and multi-level parking structure.
The community is less than 1 mile from the Georgia Institute of Technology. The MARTA Midtown station, half a mile northwest, connects the asset to Atlanta’s city center and Georgia State University. The property’s surrounding area, a major office center, is home to a wide variety of restaurants and nightlife.
Equity Residential diversifies portfolio
Large Sun Belt markets fared well in the multifamily rental sector despite the instability of the past year, even as coastal gateway markets have yet to recover from migration toward suburbs and negative rent shifts. With the majority of Equity Residential’s portfolio located in San Francisco, Los Angeles and New York, this latest acquisition may indicate a wider shift toward diversification.
In December last year, Equity Residential completed the $313 million disposition of a San Diego community, topping the metro’s list of largest transactions in 2020.