10 Perimeter Park was built in 2008 and contains 230 residential units, with 9- and 10-foot ceilings and modern finishes. Expansions and improvement to the amenity base are planned.

Audubon Communities acquired 10 Perimeter Park assuming the existing loan and obtaining a supplemental loan, bringing the loan-to-value ratio to 70%. As interest rates continue to climb, primarily due to a 49% increase in the 10-year treasury rate since November, loans assumptions have become more attractive to the multifamily investment community, Campbell says.

ATLANTA—10 Perimeter Park, a multifamily development in Chamblee, GA, has traded hands. The sale price: $36 million.

CBRE's Shea Campbell and Kevin Geiger of the Southeast Multifamily Group represented the seller, California-based Ardena Capital Management. Chamblee is about 15 miles outside Atlanta. Dunwoody is also seeing some multifamily action in the B class. And RADCO is especially active in the area.

Audubon Communities, an Atlanta-based firm that specializes in the acquisition and management of multifamily properties throughout the Southeast, acquired the asset. The property is located at 10 Perimeter Park Drive.

“Audubon Communities has a front row seat to the Chamblee boom, being based out of Atlanta,” says Shea Campbell, CBRE senior first vice president. “This property is in the path of progress as Chamblee continues its transformation, with a new high-end single-family development across the street, a new Whole Foods, Octane Coffee and other attractive retail options in the Peachtree Crossing center roughly 2 miles away, and top schools.”

10 Perimeter Park was built in 2008 and contains 230 residential units, with 9- and 10-foot ceilings and modern finishes. Expansions and improvement to the amenity base are planned.

Audubon Communities acquired 10 Perimeter Park assuming the existing loan and obtaining a supplemental loan, bringing the loan-to-value ratio to 70%. As interest rates continue to climb, primarily due to a 49% increase in the 10-year treasury rate since November, loans assumptions have become more attractive to the multifamily investment community, Campbell says.