EQR Lands 2 Atlanta-Area Properties for $180M

EQR acquired the Richmond Row apartment property in Suwanee, Georgia, for $98 million. The 344-unit asset is brand new and is still in lease-up. Multifamily Dive reports it’s expected to stabilize at a 5.4%, year-two acquisition cap rate. Its monthly rents range from $1,355 to $2,990.

EQR also bought The Baxter, a 290-unit property built in 2019 in Decatur, Georgia, for approximately $81.7 million at an acquisition cap rate of 5.1%. The four-story property has rents between $1,560 and $3,480.

EQR runs a REIT that had $350 million in acquisitions and dispositions in 2023.

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About Mike Boyd

Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.

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