Novare Closes Out Its SkyHouse-Branded Apartment Tower Era With Buckhead Sale
Novare Group has parted with its last ownership stake in SkyHouse towers.
The Atlanta-based developer sold SkyHouse Buckhead, one of 18 SkyHouse tower properties, to Hartford-based UBS Realty Investors for $83.4M, according to records in the Georgia Superior Court Clerks' Cooperative Authority database.
“With this sale, the SkyHouse program has come full circle,” Novare CEO Jim Borders said in an email statement. “We are deeply grateful to the investors and partners who helped make SkyHouse one of the most successful multifamily development programs in the Southeastern United States.”
Novare developed and delivered the 26-story SkyHouse Buckhead in 2015 with Atlanta-based Ackerman & Co., NGI Investments and Batson-Cook Development Co. as equity partners, REBusiness reported. And UBS Global Asset Management provided both construction and permanent financing for the 362-unit apartment tower at 3390 Stratford Road at the time, according to REBusiness.
Fulton County assessed SkyHouse Buckhead’s value at $76M in 2025, down from $94M in 2020, according to property records.
SkyHouse towers were built throughout the 2010s mainly in Southern urban locales. Other towers include SkyHouse Midtown in Atlanta as well as SkyHouses in Nashville, Orlando, Houston and Denver. In each urban market, the Skyhouse tower was designed to be a Class-A multifamily building with more than 300 units and rooftop amenities.
The SkyHouse Buckhead deal is one of a flurry of multifamily sales in recent weeks in Metro Atlanta as investors again shop the Sun Belt markets for buys after a series of interest rate cuts.
Earlier this month, DWS Asset Management bought the 275-unit Revel Ballpark mid-rise apartments near The Battery for $72.2M from Atlantic Residential. And an affiliate of Goldman Sachs picked up 92 West Paces Ferry Road, the 210-unit apartment complex in Buckhead, from Mesirow for more than $90M, the Atlanta Business Chronicle reported.
Investor appetite for multifamily properties in Metro Atlanta is expected to heat up this year, according to CBRE’s 2026 North American Investor Intentions Survey released late last month. Atlanta was the second-most popular investment destination in the U.S. for 2026, ranking behind Dallas-Fort Worth, according to the survey of more than 200 investors.
Nearly three-fourths of those surveyed said multifamily assets were their primary targets.
While the buyer pool had been dominated by private equity over the last few years, that dynamic began to shift in 2025 with the emergence of more institutional money coming into Metro Atlanta, CBRE Vice Chairman Shea Campbell said. Some 40% of deals were by institutional buyers last year, he said. He expects that number to grow this year as the overall apartment market stabilizes and concessions burn off.
“Atlanta probably gives you more confidence than any other Sun Belt market today,” Campbell said. “Atlanta was not on the radar with investors two or three years ago.”
