Equity Residential Atlanta has made a significant move in expanding its portfolio with a major acquisition. This strategic decision marks a key milestone in the company's growth plans.
Equity Residential Atlanta has a long history of investing in the Atlanta market, with a strong focus on urban neighborhoods. The company's expertise in navigating complex development projects has allowed it to build a diverse portfolio of properties.
The acquisition in question involves a large apartment complex in a highly sought-after area of Atlanta. With over 500 units, this property is a significant addition to Equity Residential Atlanta's portfolio, further solidifying its presence in the local market.
Equity Residential Transactions
Equity Residential has made some significant transactions in Atlanta, and it's worth taking a closer look.
Equity Residential paid $108 million for a 425-unit apartment complex called The Bishop in Sandy Springs.
The Bishop was sold by a Blackstone affiliate, and this deal was part of a larger portfolio purchase by Equity Residential.
Equity Residential is focused on buying newly built properties in expansion markets, including Atlanta, Austin, Dallas, and Denver.
At the end of last year, Equity Residential owned seven properties in Atlanta, totaling about 2,100 units.
The company also bought a 319-unit apartment project in Old Fourth Ward for $126 million in July.
Rents at The Bishop start at almost $1,450 for a studio, about $1,500 for a one-bedroom, and $1,900 for a two-bedroom.
Equity Residential acquired the 319-unit Iris O4W project in Atlanta for $126 million, or almost $400,000 per unit.
The Iris O4W project is within walking distance of Ponce City Market and Atlanta BeltLine’s Eastside Trail, which attracts more than 2 million visitors per year.
Rents at Iris O4W run from $1,800 for a studio, $2,300 for a one-bedroom, and $3,300 for a two-bedroom.
Amenities at the Iris O4W project include a saltwater pool, rooftop lounge, pet spa, and coffee shop.
Frequently Asked Questions
Is equity residential still in business?
Yes, Equity Residential is still an active and growing company with a large portfolio of properties across the US. They continue to expand their presence in major cities nationwide.
What type of company is equity residential?
Equity Residential is a real estate investment trust (REIT) that specializes in multifamily residential properties. It owns, manages, and develops apartments and other residential properties across the US.
Sources
- https://www.connectcre.com/stories/equity-residential-shells-out-108m-for-atlanta-apartment-asset/
- https://www.multifamilydive.com/news/new-apartment-construction-multifamily-sales-Atlanta/703230/
- https://www.connectcre.com/stories/equity-acquires-atlanta-rental-community-for-400k-unit/
- https://www.blackstone.com/news/press/equity-residential-to-acquire-1-billion-apartment-portfolio-from-blackstone-real-estate/
- https://whatnowatlanta.com/chicago-real-estate-firm-adds-to-atlanta-portfolio/
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