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.”