ATLANTA—500 Northside, a 351-unit apartment community in Atlanta, has traded hands. The sale price: $40.4 million.
Cushman & Wakefield's Tyler Averitt, Josh Goldfarb and Robbie O'Bryan represented the seller, Varden Capital Properties, in the transaction. The Griffin Fund acquired the multifamily property.
“The new owner of 500 Northside, soon to be 500 Loring Heights, plans to do an exterior overhaul as well as implement a high-end interior renovation package on 50% of the units that will have finishes that compete with new construction,” Averitt tells GlobeSt.com. “Once completed, this property should offer renters an affordable alternative in an area that provides easy access to Buckhead, Midtown, and Downtown.”
(Check out these three big multifamily predictions for 2018).
Built in 1968, 500 Northside is located in desirable Midtown Atlanta. The location offers multifamily renters access to the city's primary employment and retail hubs in Atlantic Station, Midtown, Downtown, and Buckhead.
“500 Northside is located in one of the highest Google searched zip codes of Atlanta for rental apartments,” says Averitt. “The asset will offer renters a fully renovated, well-located, affordable product that provides an alternative to new construction deals in the area asking much higher rents with smaller floorplans.”
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