The Residence Buckhead Atlanta, a 370-unit, luxury high-rise apartment tower situated within the Buckhead Atlanta mixed-use development in Atlanta, Georgia, has been sold for $136.5 million.
HFF marketed the asset exclusively on behalf of the developer, OliverMcMillan. The buyer is Simpson Housing LLLP. HFF previously worked on behalf of the developer to arrange construction financing funding the development of Buckhead Atlanta in 2013.
Completed in late 2014, The Residence Buckhead Atlanta is the residential cornerstone of Buckhead Atlanta, OliverMcMillan’s award-winning mixed-use project. Located along East Paces Ferry Road NE in the exclusive Buckhead neighborhood, The Residence encompasses two 20-story towers featuring luxury finishes and unrivaled amenities, including a resort-style pool, manicured courtyard, state-of-the-art fitness center, theatre, study, conference room, demonstration kitchen and concierge service.
Buckhead Atlanta blends sophisticated architectural design, artful storefronts, rich amenities and lush landscaping to comprise the ultimate street scene dynamic in the southeastern United States. The luxury project has 300,000 square feet of upscale, open-air retail and eateries leased to high-end tenants including Hermès, Christian Louboutin, Tom Ford, Jimmy Choo, Warby Parker, Diptyque, Brunello Cucinelli, Flywheel, Doraku Sushi, Gypsy Kitchen, Le Bilboquet, The Southern Gentleman and Shake Shack. Additionally, the project is home to 100,000 square feet of boutique office space serving as the corporate headquarters of Spanx Inc.
The HFF investment sales team representing the seller was led by senior managing directors Jason Nettles and Trey Morsbach and director Megan Thompson.
“This sale highlights the strength of Atlanta’s rental market and its ‘renter-by-choice’ demographic as well as the capabilities of all the parties involved in this transaction,” said Nettles. “OliverMcMillan delivered the premier multi-housing asset in the southeast with this project, and a Simpson Housing joint venture executed flawlessly in adding to their portfolio of best-in-class assets. Bolstered by the strength of the neighboring Shops Buckhead Atlanta, The Residence represents a landmark investment in luxury multi-housing amid a trophy mixed-use environment.”
The Residence Buckhead Atlanta is Simpson Housing’s third apartment community in the Atlanta Metro area. Other local properties include: Gramercy at Buckhead and Menlo Creek in Duluth.
Image courtesy Simpson Housing