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Blackstone Acquires Ellington Midtown Apartments for $133 Million
Private equity firm Blackstone, Inc. has acquired 473-unit Ellington Midtown apartment buildings for $133 million. The seller was an affiliate of Goldman Sachs Asset Management and Blackstone assumed more than $65 million in mortgage loans.
Midtown Atlanta is a retail, entertainment, and tech employment hub. It is an attractive area for real estate development, and 4,000 units are under construction. New unit rent is averaging $2.64, which is the highest rent within Atlanta’s city limits. Ellington Midtown is adjacent to mixed-use development Atlantic Station, known for office, high‐end retail, and entertainment options.
Atlanta apartment occupancy rates remain stable at almost 95 percent. The rental market is strong, as increasing mortgage interest rates and home prices limit the pool of buyers.
Blackstone plans to invest in significant community upgrades to common areas, unit interiors, swimming pool areas and the fitness center. Ellington Midtown is currently 94-percent occupied.

