Brookhaven Apartment Tower Sells For $101M As Investors Target Prime Atlanta Properties
A New Orleans-based investor paid one of the highest prices for an Atlanta apartment tower this year as more companies shell out top dollar for new and well-located multifamily projects in the metro area.
Key Real Estate paid $101M for the Alta Porter on Peachtree, a 291-unit apartment complex off Peachtree Road next to the Brookhaven City Centre, according to tax records filed with the Georgia Superior Court Clerks' Cooperative Authority database.
The seller, Atlanta-based Wood Partners, delivered the apartment project earlier this year after obtaining a $44.6M Fannie Mae loan in 2020, according to the GSCCCA records.
Alta Porter was one of several apartment sales in recent weeks as fundamentals in the Southeast improve. Institutional investor deals above $20M for Atlanta-area apartment complexes climbed to the highest level since 2022 as investors were attracted by declining vacancy rates, according to a second-quarter Marcus & Millichap report.
It shows how investors are willing to pay a premium for newer apartment properties in prime corners of Metro Atlanta, said Mike Kemether, executive vice chair at Cushman & Wakefield.
“I would argue that deals that are new or newish and are extremely well located and kind of check all the boxes, they get quite a bit of attention in the marketplace,” he said.
Alta Porter fits that profile, sitting at a prime corner along Peachtree Road heading into Buckhead, Kemether said. The complex also includes 17,500 SF of retail space that is completely leased up, Urbanize Atlanta reported. Rents start at $1,865 per month and climb to $3,215 per month for a three-bedroom unit — well above the metro apartment rent average.
Other recent apartment acquisitions in the metro area include Hilltop Residential’s $89.7M purchase of 1160 Hammond in Sandy Springs and Sagard Real Estate’s acquisition of Belmont Place, a 326-unit garden-style apartment complex in Marietta, for $80M, according to GSCCCA records. Both properties were sold by LivCor.
The highest-priced apartment transaction so far in 2026 was ANiMAL’s purchase of Elan Brookwood, a Class-A apartment complex in Austell developed by Greystar. It traded for $103M in February, according to data provided by Yardi Matrix.
At 395 units, ANiMAL paid around $260K per apartment unit, a midrange of what many investors have paid for Class-A communities in Metro Atlanta this year, according to Yardi data.
Goldman Sachs paid one of the highest prices per square foot for an apartment complex this year when it acquired 92 W. Paces Ferry Road, the 210-unit Buckhead Village apartment high-rise, from Chicago-based Mesirow for $432K per unit, the Atlanta Business Chronicle previously reported. The total purchase price was $90.7M, according to Yardi.
Last year, Kennedy Wilson shelled out more than $130M — $553K per unit, according to Yardi — to Toll Brothers for the 239-unit Kinetic student housing tower at 1025 Spring St. in Midtown.
Improving apartment performance has drawn investors to the metro area. The vacancy rate fell by 70 basis points year-over-year to 5.6%, according to Marcus & Millichap, while rents pushed up to $1,600 per month, a 1% increase from Q2 2025.
While new apartment construction is still underway, the pipeline has 43% fewer new units than last year, according to Marcus & Millichap. The brokerage predicted that, with strong projected job growth and in-migration, Atlanta landlords should be able to push average rents upward by another $50, Urbanize Atlanta reported.
Kemether said he expects the rest of the year to have much more transaction volume.
“It appears right now we’re at a pivot point in Atlanta where transaction volume, property operations, interest level and capital are all on an upswing,” he said.
