Encouraged By Jobs, NY Investor Jumps Into ATL's Multifamily Fray
A New York multifamily investor is the latest to chance the Atlanta market. This time, on the south side.
Castle Lanterra Properties has purchased Alta Coventry Station, a 322-unit, Class-A project off Greenbrier Parkway. Terms of the purchase were not disclosed. But Castle Lanterra CEO Elie Rieder says the metro area's job growth in recent years makes investing in Atlanta a good bet.
“As the economic and cultural hub of the Southeast, the Atlanta area continues to attract major investments, jobs and new residents,” Rieder said in an email. “The city is home to leaders in healthcare, education, transportation, retail and manufacturing, and the population is now growing at a faster rate than at any point since the recession. This strong economic foundation has enabled an award-winning city to continue to experience robust development.”
Rieder said the Southside of Atlanta is especially encouraging, given a number of big employment hits in recent years, including the new Porsche North American HQ, Tyler Perry Studios, Lowe’s, Procter & Gamble, Walmart, Clorox and Kraft distribution centers. CLP plans to invest to update the circa-2008 property, a short ride from Hartsfield-Jackson Atlanta International Airport, including updating individual units with new flooring, fixtures and countertops.