TruAmerica Obtains Buckhead Apartment Tower At Steep Discount: The Atlanta Deal Sheet
A Los Angeles real estate investor picked up a Buckhead apartment tower at a 35% reduction of its 2021 purchase price. The haircut price was only slightly higher than the debt the previous owner placed on the tower.
TruAmerica Multifamily bought The Tower on Piedmont, a 20-story, 155-unit apartment tower at the corner of Piedmont and Peachtree roads in the heart of Buckhead, for $44.8M, according to a document filed in the Georgia Superior Court Clerks’ Cooperative Authority database.
The seller was listed as Los Angeles-based PCCP.
The Atlanta Business Chronicle reported it was purchased in 2021 by an affiliate of Houston-based Lionstone Investments for $69M. Lionstone’s parent company, Ameriprise Financial, closed down its operations in 2024, transitioning its real estate assets to other investment firms, according to the ABC.
TruAmerica’s purchase price is an even steeper drop from the price paid by Atlanta-based Coro Realty, which picked up the tower in 2012 for $85.8M, according to Fulton County records.
According to Cooperative Authority records, PCCP obtained a loan for the property from Mesa West Capital on Dec. 7, 2021, for $49.3M.
TruAmerica CEO Bob Hart told Bisnow on the First Draft Live podcast that there will be “more to fix in ‘26” with the multifamily market. Hart did not directly address the firm’s acquisition of The Tower on Piedmont in the interview.
“We’re going to still see some bumps here in the system before we start to get to a normalized market,” Hart said.
SALES
A Fort Lauderdale-based LLC tied to Suncap Real Estate Investments and its co-founder Brian Mark purchased Bailey Park, a nearly 200K SF, four-building flex office campus at 1000 Cobb Place Blvd. in Kennesaw, from Serac Capital Partners for $34.5M, according to a document filed in the Georgia Superior Court Clerks’ Cooperative Authority database.
Serac bought the property, which includes 25% warehouse space, in 2021 for $21.1M, according to Cobb County property records.
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Boston-based Albany Road Real Estate Partners unloaded four Atlanta-area properties this month for more than $100M.
Albany Road sold Barrett Concourse, a four-building, 162K SF flex office complex at 4300 Alexander Drive in Alpharetta, for $15.5M to Texas-based Entrada Partners, according to a document filed in the Georgia Superior Court Clerks’ Cooperative Authority database.
Albany Road purchased the property in 2019 for $22.1M, according to Fulton County records.
And Basis Industrial bought other facilities from Albany Road, including 3300, 3305, 2825, 2885 and 3075 Breckinridge Blvd. in Duluth, for a total of $90M, according to Cooperative Authority database information.
According to Gwinnett County property records, Albany Road bought the portfolio in 2021 for $64.8M.
Basis Industrial is based in Delray Beach, Florida.
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Zalik Investment Group purchased One and Two Midtown Plaza for more than $60M from Lincoln Property Co. and the Teachers’ Retirement System of the State of Illinois, the Atlanta Business Chronicle reported, citing a source familiar with the deal.
Lincoln paid $93.3M for the properties, which total 506K SF, in 2015.
Zalik Chief Investment Officer Ryan Wiedmayer told the ABC that 40K SF of spec suites will be built out this fall for Midtown tenants. The firm tapped Trinity Partners’ Austin Chase, Cori Nuttall and Mary-Thompson Lancaster to lease the complex.
"This acquisition reflects our deep conviction in Atlanta as one of the premier office markets in the country — a city where businesses want to be and where talent wants to live," Wiedmayer said in a statement to the ABC.
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Atlanta-based Stonemont Financial purchased a 216K SF, 10-building industrial complex on more than 24 acres in Mableton for an undisclosed sum, according to a press release.
A Mableton-based LLC called Howard Brothers Investments sold the property for $15.7M.
The property is acting as an outdoor industrial storage facility as well.
KeyBank Real Estate Capital provided a $125M loan on March 27 to Stonemont. The loan is set to mature on May 8, 2028, with a possible extension to 2030, according to Georgia Superior Court Clerks’ Cooperative Authority database documents.
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Israeli-based Medipower picked up seven shopping centers — including four in Metro Atlanta — for $115M from Ohio-based Site Centers, the ABC reported.
The Atlanta properties included Publix-anchored shopping centers at 6155 Hickory Flat Highway in Canton, 515 N. Deshong Road in Stone Mountain and 3649 Flakes Mill Road in Decatur and a Kroger-anchored center at 3419 Cascade Road in Atlanta.
JLL’s Jim Hamilton, Brad Buchanan, Andrew Kahn, Anton Serafini, Devin O’Hearn, J.B. Bruno, Jose Cruz, Jordan Lex, Daniel Naughton and Tom Kolarczyk brokered the sales.
DEVELOPMENT
Duluth-based Spalding Site Partnership is planning a 238-unit apartment complex and 23 owner-occupied townhouses on 10 acres at Technology Park in Peachtree Corners, the ABC reported.
The site is home to 2 Sun, a 98K SF office building owned by Redline Property Partners.
Developers plan to keep the office building and develop the residential site at opposite ends of the assemblage at the corner of Spalding Drive and Engineering Drive.
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Trilogy Investment Co. is planning a 120-unit, build-to-rent townhome community at 4975 Hill Road in Powder Springs called Rev3 Homes, Urbanize Atlanta reported. The first phase of townhouses is expected to deliver in the fourth quarter, according to Urbanize.
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Parkland Residential obtained approval earlier this month from the city of Newnan to move forward on a 150-unit, build-to-rent community called Celebration Park off Celebrate Life Parkway in Henry County, according to the same Urbanize report.
PERSONNEL
Mike Morey has joined Peachtree Group as executive vice president of the firm’s capital markets platform, tapped to lead its insurance capital market strategy.
Most recently, Morey spent 15 years with The Standard and its real estate lending platform, StanCorp Mortgage Investors.
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JLL has hired Alex Diaz as president of the firm’s enterprise portfolio solutions, a new role tasked with serving larger occupiers with integrated services, including brokerage, management and advisory services.
Diaz previously served as the global head of integrated portfolio management at Cushman & Wakefield.
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Toro Development Co. has tapped three new executives to pursue new ground-up mixed-use and apartment development opportunities in the U.S.
The new hires are Chief Investment Officer Allen Holloway, partner Gray Messier and Vice President Paul Bodine, who also was named the general manager of Toro’s Medley project.
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Josh Boling has been tapped by GID to expand its GID Residential Partners division into the Georgia market. Boling will serve as senior managing director.
The 22-year real estate veteran most recently served as chief development officer for Audubon Communities.
