Chicago-based Redwood bought the Buckhead area property in partnership with MetLife Real Estate and plans to retain it as rental housing. Collier Ridge marks the firm's fifth purchase in the last six months, says David Carlson, Redwood managing principal.

Carlson, who worked with fellow Redwood principal Mark Isaacson on the acquisition, says he believes Collier Ridge is in a solid location to increase tenancy and command higher rents. The 39-acre complex, well inside the Interstate 285 perimeter in Fulton County, was built in 1980 and offers two- and three-bedroom units averaging 1,420 sf with monthly rents averaging $990 per unit.

"The demand for intown housing has exploded in recent years," Carlson tells GlobeSt.com. Efforts by Atlanta residents to avoid traffic congestion and shorten work commutes should made Collier Ridge an attractive option for residential renters, he says, adding that the planned renovations should allow Redwood to increase apartment rents there between $100 and $125 for each unit.