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As investors pile into the multifamily buying spree in Metro Atlanta, one apartment has traded for a record-making suburban per-unit price.
Greystar and its partner, The Carlyle Group, sold the 300-unit Elan Halcyon in south Forsyth County for $103.5M to Walton Street Capital, CoStar reports. The building is located within the Halcyon mixed-use project.
That price breaks out to $345K per unit, passing the record for suburban apartment per-unit pricing set in 2019 when Black Creek Group paid $117M, or $304,688 per unit, for the 384-unit Arabelle Perimeter in Sandy Springs, according to CoStar.
The record-breaking sale comes as investors are flocking to the region to buy up apartments. Metro Atlanta apartment fundamentals have held up during the coronavirus pandemic, and many Sun Belt states are experiencing population increases.
During the first quarter, investors bought more than $2.1B of Atlanta apartments, an 18% increase from the same period in 2020, according to Real Capital Analytics. The average per-unit price in Atlanta also rose 12% last year to $136,500 per unit, according to Marcus & Millichap.
According to CoStar, at least six apartment complexes sold for a per-unit price in excess of $250K during the first quarter in Metro Atlanta.
"The Southeast continues to outperform the rest of the country and Atlanta is leading the way," Cushman & Wakefield Executive Vice Chairman Robert Stickel told CoStar. "Specifically, the suburbs have seen tremendous absorption in the lease-up as well as rent growth."
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