ATLANTA-Atlanta’s affluent submarkets are seeing some strong multifamily action in the fourth quarter. Jones Lang LaSalle just closed back-to-back deals: Century Perimeter Park in Perimeter Center and Wellington at Windward in Alpharetta.

“Both Century Perimeter Park and Wellington at Windward are proven assets that are well located within two of Atlanta’s most notable submarkets,” Derrick Bloom, JLL managing director, tells GlobeSt.com. “There exists significant demand for assets that fit this bill. Overall, demand in the Atlanta market has been very strong in 2011, with a significant increase in sales activity. “

JLL represented the seller, Centennial Holding Company. A joint venture between Tribridge Residential and Stockbridge Capital Group purchased the 298-unit, class A, garden-style apartment community for $39.7 million. JLL managing directors Derrick Bloom and David Gutting, senior vice president Vince Lefler and vice president Porter Jones lead the charge.

Built in 1998, Century Perimeter Park is located at 6210 Peachtree Dunwoody Road, directly across the street from Cox Communications, the fourth-largest employer and largest privately-held company in Atlanta. The property is currently 99% occupied.

“Overall, the Atlanta market has done a good job of absorbing any excess supply that existed, and has seen very positive rental growth year over year,” Bloom says. “The biggest challenge going forward will largely be driven off the single family market. If construction picks up and credit becomes available, we may see a surge in renters becoming owners, but this doesn’t seem likely to happen in the immediate future.”

Wellington on Windward in the prestigious Alpharetta submarket traded for an undisclosed amount. Euramex/Wesley Apartment Homes purchased the 294-unit, class A property from CAPREIT.  JLL Southeast Multifamily managing directors David Gutting and Bloom represented CAPREIT.

"Alpharetta leads all Atlanta suburbs in rents and occupancy levels," Gutting said in a statement. "This was an ideal value-add property located in a premier submarket, and investors took notice of that. The property will give the new owners an unbeatable opportunity to capitalize on the economic recovery in the area with a base of renters that are among the most affluent in the entire Atlanta metropolitan area."