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Equity Acquires Atlanta Rental Community for $400K-Unit
Equity Residential, a publicly traded company, acquired the 319-unit Iris O4W project in Atlanta for $126 million, or almost $400,000 per unit. Crow Holdings was the seller, and CBRE’s Southeast Multifamily team represented the seller in the deal.
The Atlanta Business Chronicle reports Equity Residential owned seven properties in Atlanta totaling about 2,100 units. Its transaction marks the highest sales price for an apartment property in Atlanta this year, according to Databank, a real estate research firm.
The project is within walking distance of Ponce City Market and Atlanta BeltLine’s Eastside Trail, which attracts more than 2 million visitors per year.
Rents at Iris O4W run from $1,800 for a studio, $2,300 for a one-bedroom and $3,300 for a two-bedroom. Amenities at the project include a saltwater pool, rooftop lounge, pet spa and coffee shop.
- ◦Sale/Acquisition
