The most active investor in the Atlanta multifamily market has reached a deal to spend another half-billion dollars on apartments in the region.

Equity Residential is under contract to purchase eight apartment complexes totaling more than 2,000 units for $535M, it disclosed in an investor presentation filed with the Securities and Exchange Commission.

The REIT, which trades under the ticker symbol EQR on the New York Stock Exchange, was the most active buyer of Atlanta multifamily between March 2024 and 2025 by far. It spent $664M in that period, twice as much as second-place Greystar Real Estate Partners, according to Lee & Associates.

EQR expects to close on the 2,064-unit portfolio acquisition by the end of the month, according to the presentation. The portfolio has an average age of 16 years and is being bought at a cap rate below 5%.

It plans to acquire the following properties, which are largely in Atlanta's northern suburbs:

• Cortland Lex in Alpharetta

• The Falls at Forsyth in Cumming

• The Lofts at Perimeter Center in Atlanta

• The Drexel Dunwoody

• The Reserve at Summit Crossing in Cumming

• The Heights at Perimeter Center in Dunwoody

• Summit Crossing I and II in Cumming

The entire portfolio is owned by Blackstone, CoStar reported.

“This transaction represents a terrific outcome for our investors and demonstrates the strong institutional demand for well-located, quality assets,” a Blackstone spokesperson told Bisnow in a statement. “Rental housing remains one of our highest-conviction themes, and we continue to see strong fundamentals in attractive markets.”

Equity Residential’s move comes as Atlanta’s multifamily industry has weathered a supply glut. But as the number of units under construction dwindles — from 35,000 at the start of 2024 to 19,000 at the start of 2025, according to Lee & Associates — and few developers break ground on new projects, buyers are seizing the opportunity.

Metro Atlanta was a top-tier investment market for apartment buyers last year, with $3.5B in sales, behind only Dallas-Fort Worth and Los Angeles, according to MMG Real Estate Advisors. The average price per unit jumped from $202K in Q1 2024 to $209K in Q1 of this year, according to Lee & Associates.

Equity Residential owns and operates 14 apartment properties in Metro Atlanta, according to its website, including the Osprey Apartments in West Midtown, Skyhouse South Apartments in Midtown, Iris O4W Apartments and The Bishop Apartments in Sandy Springs.

The firm’s acquisition this time is focused on suburban apartment properties, which experts say have been less impacted by the flood of new apartments.

“Our suburban product was offering six weeks free. Today, it’s two weeks free on select unit types,” The Radco Cos. Chief Investment Officer Lisa Hurd said last month at Bisnow's Atlanta State of the Market event. “That obviously changes depending if we're talking Gwinnett, Cobb County, etc., but it's certainly getting better in the suburbs.”

CORRECTION, JUNE 2, 4:30 P.M. ET: A previous version of this story incorrectly identified previous owners of some of the properties acquired by Equity Residential. The entire eight-property portfolio was owned by Blackstone. The story has been updated.