ASB Real Estate, RPM Living Spend $204M for 680-Unit Multifam in Atlanta
Bethesda-based ASB Real Estate Investments and JV partner RPM Living Investments have purchased The Residences at Vinings Mountain in the Vinings neighborhood of Atlanta, GA. According to a source familiar with the deal, the 680-unit community was acquired for approximately $204 million.
ASB made the investment on behalf of its Allegiance Real Estate Fund, a $8.8-billion core vehicle.
The garden-style apartment complex, which is 94% leased, features 34 residential buildings built across 53.5 acres in three communities each with its own pool, clubhouse and fitness center.
“The acquisition fits within ASB’s workforce housing strategy to expand apartment investments into dynamic, high-growth markets where supply of attractive rental housing has lagged growing tenant demand and where for-sale home prices have escalated,” said Mary Murphy, ASB SVP. “We believe the submarket has become one of Atlanta’s most desirable destinations for young professionals due to the high concentration of nearby lifestyle amenities and relative affordability compared to Buckhead and Midtown.”
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.