ATLANTA-Continuing its multifamily buying spree, Behringer Harvard has acquired The Reserve at Lavista Walk, a luxury community with 283 apartment homes. The property is just south of the exclusive Buckhead district near major employment centers in Midtown and Downtown Atlanta.
Located on a 4.4-acre site at 1155 Lavista Road NE, the Reserve at Lavista Walk came to market in 2008 with a target audience of young professionals. It’s within three miles of Emory University, Emory Healthcare, the Centers for Disease Control and Prevention and Piedmont Healthcare, which collectively employ about 34,000 people.
Jason Mattox, chief administrative officer at Behringer Harvard, tells GlobeSt.com that the company looks for multifamily communities with more than 100 units, located in high-growth urban areas, like Atlanta, with favorable demographics near employment centers. Properties like the Reserve at Lavista Walk fit that mold.
“We generally invest in multifamily assets constructed less than five years ago in transit-oriented, live-work-play environments with resort-style amenities and green attributes whenever possible,” Mattox says. “The Reserve at Lavista Walk has many of these characteristics and was a good fit with the investment strategy pursued by our multifamily platform.”
Indeed, the Lindbergh station for the Metropolitan Atlanta Rapid Transit Authority (MARTA) is two miles to the west. The property also is immediately accessible to Interstates 85 and 75 and Georgia State Route 400. These major traffic arteries provide quick access to Midtown, the central business district of Atlanta, the ninth largest MSA in the United States, the surrounding submarkets, and one of the nation's busiest commercial airports. The Reserve at Lavista Walk also is near renowned shopping venues.
Behringer Harvard has been investing in Atlanta’s commercial real estate market since early 2005. Mattox says these investments demonstrate the company’s belief in the strength and desirability of the Atlanta market. Including The Reserve at Lavista Walk, Behringer Harvard now own nearly 750 apartment units in the Atlanta metro. Mariposa Loft Apartments and The Reserve at John Creeks Walk are also in the company’s portfolio.
Despite Behringer Harvard’s keen focus on luxury properties, many investors in Atlanta have a strong appetite for class B and class C properties. “We are still not seeing a ton of the A product trading,” Andrew Mays, vice president of Investments and director of the National Multifamily Housing Group at Marcus & Millichap in Atlanta. “Our bread and butter is on the B and C side. It’s a niche that we’ve made for ourselves from our market.”
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