Sunday, September 16, 2018

American Realty Advisors Acquires 329-Unit Luxury High-Rise Apartment Community in Midtown Atlanta, GA

Azure on the Park Apartments,
 Midtown Atlanta, GA

ATLANTA, GA  American Realty Advisors (“ARA”) an institutional fund manager with more than $8.7 billion in assets under management, has acquired Azure on the Park, a 329-unit, Class A, luxury high-rise apartment community in Midtown Atlanta, Georgia.

Glen Weisberg
“We believe Azure on the Park is a best-in-class asset with a best-in-market location,” says Glen Weisberg, Executive Vice President, Portfolio Management at ARA.

“Our core strategy is to acquire properties that are strategically positioned to perform, and are expected to provide long-term value to our investors.

"We look for high-density markets with elevated levels of technology-centric job growth and elevated education levels. Atlanta, in particular Midtown Atlanta, is one of those markets.”

Midtown Atlanta has a diverse and growing base of Fortune 500 companies, along with a rising number of tech startups bringing more than 17,000 new jobs to the region in the last three years.

 “Delta, Boeing, Honeywell, and NCR, among many other major corporations have all taken up residence in Midtown,” says Weisberg.

David Willett
“There is an influx of new office development such as the $375 million CODA mixed-use project that will add an additional 645,000 square feet, serving the expanding tech and science industries as part of Midtown’s Tech Square.

"Tenants include WeWork and Georgia Tech, as well as and multiple other design and tech companies. Also, the recent announcement from Starbucks Corp. on their corporate hub expansion to be located in the heart of Midtown is set to add over 500 jobs, further attracting new residents to the region.”

Azure on the Park is located at 1020 Piedmont Avenue NE in Atlanta, Georgia. The seller was represented by Kris Mikkelsen and the Atlanta team at Walker & Dunlop.

Kris Mikkelsen
“These universities serve a combined total of more than 100,000 students and 175,000 employees,” explains David Willett, Senior Director, Investment Group at ARA. “This drives long-term demand and stability for the asset, which can maximize returns for our investors.”

He adds, “Piedmont Park serves as a central urban green space and cultural resource to local residents. It is a vital part of the Midtown landscape and major attraction to the area, all adding to the long-term value of the Azure asset."


Lexi Astfalk for American Realty Advisors
Brower Group
(949) 955-7940