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Atlanta & Southeast  + Atlanta  + Apartments  | 
Blackstone has acquired Ellington Midtown apartments for $133 million

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.

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About Angela Noote

Angela Noote is a native of Northern California and graduated from Chico State with a degree in public relations. After college she moved to the Central Coast and worked first in ad sales then in editorial, eventually spending more than a decade as a print reporter and editor. She detoured into design work at a printer/publisher, and with a partner eventually opened a boutique full-service marketing agency. Moving into corporate communications, she built and managed several successful marketing teams in the hospitality, financial services, and nonprofit industries. Most recently she was an internal comms manager in the tech sector. After a long stint spent in Georgia (Go Dawgs), she moved to Baton Rouge, LA and has written for clients in the financial, luxury imports, higher ed, commercial cleaning, and medical equipment industries. Her son is a media arts major at the University of South Carolina, and her husband owns a comedy theater in Baton Rouge, where you can often find Angi teaching improv classes, leading corporate training events, or doing an occasional stand up set.

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