North American Sets Apartment Sales Record In Old Fourth Ward
North American Properties has set a new record in Atlanta, this time for selling something.
The developer sold its Anthem on Ashley, a 244-unit apartment project completed in 2017 in the Old Fourth Ward neighborhood in Midtown to Invesco Advisers for $75M, CoStar reports. That price puts each unit at $307K, reportedly a new record for wood-frame apartments in Metro Atlanta. The Carlyle Group was the equity partner in the apartment project at 720 Ralph McGill Blvd.
In March, North American Properties tapped JLL to market the property. Timing has been good, especially for stabilized properties in Atlanta's urban core. Apartment sales have jumped 26% during the first quarter, according to a recent report, with investors still willing to pay premium prices for properties despite recent interest rate hikes.
“It seems there is an appetite for better-quality product now,” Cushman & Wakefield Vice Chair Josh Goldfarb previously told Bisnow. “We've seen no slowdown whatsoever.”
Anthem on Ashley sports a number of high-end amenities, including a saltwater pool, a clubhouse with a bar lounge, and a sky deck with views overlooking Historic Old Fourth Ward Park.