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Alta Porter Brookhaven sells for $101M in Atlanta apartment deal
The 291-unit property sold for $101M, and the buyer paid a premium for a newer complex on Peachtree Road with fully leased retail.
A New Orleans-based investor has bought the Alta Porter Brookhaven apartment complex for $101 million, one of the largest Atlanta-area multifamily sales this year, according to tax records filed with Georgia's Superior Court Clerks' Cooperative Authority database and summarized by Bisnow.
The 291-unit complex sits off Peachtree Road near Brookhaven City Centre, and the deal includes 17,500 square feet of retail space that is fully leased up. Alta Porter was delivered earlier this year after Wood Partners obtained a $44.6 million Fannie Mae loan in 2020, according to the same GSCCCA records.
Bisnow also tied the transaction to a recent pattern of investors paying top dollar for newer, well-located Southeast apartment buildings as fundamentals improve. A second-quarter Marcus & Millichap report cited by Bisnow said institutional deals above $20 million for Atlanta-area apartment complexes rose to the highest level since 2022, helped by declining vacancy rates.
Rents at Alta Porter start at $1,865 per month and rise to $3,215 per month for a three-bedroom unit, above the metro apartment rent average, Bisnow reported. The article also cited other recent acquisitions in the metro area, including Hilltop Residential's $89.7 million purchase of 1160 Hammond in Sandy Springs and Sagard Real Estate's $80 million acquisition of Belmont Place in Marietta.
Source: Bisnow