AMLI Residential is unloading one of its Atlanta holdings to a consortium of big investors.
AMLI has sold its 537-unit North Briarcliff apartment community for $73.5M to a JV that includes California-baed PCCP, Irinda Capital Management and Lyon Living. The property at 2500 Shallowford Rd was built by AMLI in two phases between 2002 and 2006.
Irinda CEO Ryan Millsap says the building is ready for significant capital improvements. Those upgrades are slated to include new high-end appliances, granite countertops, new wood floors in units, and a new clubhouse and greatly expanded fitness center.
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