Denver-based real estate investment management and development firm Black Creek Group has acquired a 384-unit multifamily property, Hanover Perimeter, located in the heart of the Central Perimeter submarket of Atlanta, Georgia for $117 million.
Built in 2018, the multifamily property in Georgia was 96 percent leased at the time of closing, said the company in statement. This is the third multifamily property that Black Creek Group has acquired in 2019. Previously the firm acquired a 333-unit property in Rockville, MD and a 268-unit property in Winter Park, FL.
The property is within a 5-minute walk of high-end restaurants, retail and a major grocery store while offering easy access to mass transportation.
”We strive to acquire properties in areas with strong demographics and market fundamentals.”
“Hanover Perimeter is a premier, luxury property that is in line with Black Creek’s strategic approach of expanding our presence in the multifamily sector,” said Chris Westcott, Black Creek Group’s senior vice president, multifamily acquisitions. “We strive to acquire properties in areas with strong demographics and market fundamentals. The Central Perimeter submarket is one of the largest office submarkets of Atlanta and we continue to see new jobs being created in the area. This job creation is translating to an increased demand for high-end multifamily properties as much of the workforce aims for a work-life balance that not only offers convenience but also high-end amenities.”