Investor Buys 50-Year-Old Apartment Complex On Outskirts Of Atlantic Station
A private investment fund is buying into the West Atlanta apartment scene with a property from 1968.
The Griffin Fund purchased 500 Northside, a 351-unit apartment complex cornered by Northside Drive and Deering Road, just north of Atlantic Station. Varden Capital Properties sold the property for $40.4M, or more than $115K/unit. Cushman & Wakefield Executive Managing Director Tyler Averitt, Vice Chair Josh Goldfarb and Senior Associate Robbie O'Bryan brokered the sale.
There is upside in Griffin Fund's investment, Averitt said: Aside from being located in one of the most-searched Atlanta ZIP codes for apartments on Google, Griffin Fund plans to invest capital to upgrade units and renovate the exterior. The move will give Griffin Fund the opportunity to offer bigger units compared to the newer projects around the area with smaller units, Averitt said.
According to Haddow & Co., the Midtown West apartment submarket's rents average more than $1.65/SF — lower than many other submarkets within the city — but Midtown West maintains strong occupancy levels at more than 97%.