The building, which opened in 1952 next to the historic Fox Theater, will get a new name along with a new street-level facade and upgrades to all rental apartments such as appliances, cabinets, counters and fixtures. Lane Strategic Investment did not disclose its purchase price.
"This fits well into our plan to buy and improve value-add properties in prime locations," Lane Co. CEO Bill Donges said in a release. "Apartments continue to be a bright spot in today's real estate economy, and these are in a great location."
Located in Midtown Atlanta, 710 Peachtree is one block from the North Avenue MARTA rail station and is convenient to Interstate 75/85, Downtown Atlanta and Buckhead. The building's units range from studio apartments to three-bedroom penthouses, with amenities such as concierge service and a terrace-level deck overlooking Peachtree Street.
Lane Strategic Investment has been active in multifamily acquisitions lately, having bought Savannah Apartments in Austin, TX, a few weeks ago and renaming it Acacia Cliffs Apartment Homes. In the meantime, the parent company's Lane Southeast division is building No. 10 Park, a $60-million upscale rental community in Atlanta's Central Perimeter area.
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