As illustrated by this story and this story featured in our A.M. Links, big investors can't buy apartment complexes fast enough, and the intensity of that demand is even cranking up Atlanta's largely dormant development and construction machine. The acquisition of this 298-unit Perimeter-area apartment complex by a San Francisco-based manager of institutional investment funds and TriBridge Residential (the new iteration of the old Julian LeCraw company, minus the LeCraw family) is a perfect example of the kinds of transactions driving this market. The partnership paid an (arguably) premium price of $39.7 million and will have to make further investments in renovating the property. But the desirability (and necessity) among consumers of renting a home these days, combined with the fundamental promise of investing in the Perimeter Mall area- with its abundant office space and lifestyle amenities like shopping and entertainment- make it likely to be a solid investment, an increasingly rare commodity these days.
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