$75M Old Fourth Ward MF Sale Sets New Record for Atlanta
Old Fourth Ward’s booming growth has been spurred largely by the Atlanta BeltLine, which is responsible for 30,000 permanent jobs and nearly $10 billion in economic development.
ATLANTA, GA—Invesco’s acquisition of Anthem on Ashley, a 244-unit multifamily community with park side restaurant space, from North American Properties at $75 million, or $370 per square foot, sets a new benchmark for wood-framed multifamily development in Metro Atlanta. Jones Lang LaSalle’s Multifamily Investment Sales represented NAP.
“Urban trail-oriented development is the new beachfront property, as people of all ages increasingly seek to live in active, walkable environments that offer a diversity of experiences,” says Richard Munger, partner and senior vice president of residential development at NAP. “At Anthem, we created an urban, creative experience that resonates with the market. Every project is unique because every market is different, and we work very closely with the neighborhoods we serve to deliver a quality development that enhances the community.”
Located at the corner of Ashley Avenue and Ralph McGill Boulevard, the community is within walking distance of the Atlanta BeltLine’s Eastside Trail and is the only apartment community with direct access to Historic Fourth Ward Park.
Old Fourth Ward has quickly emerged as one of the Southeast’s coolest urban destinations, known for its walkability, lifestyle options, transit and culture. Old Fourth Ward’s booming growth has been spurred largely by the Atlanta BeltLine. The partially built trail is responsible for 30,000 permanent jobs and nearly $10 billion in economic development, with more than $4 billion in new development.
Anthem offers residents the following amenities: a saltwater pool with a sun deck and private cabanas; 24-hour fitness center with group classes; poolside club room and sky deck overlooking the park; outdoor grilling stations and fire pit; clubhouse with bar lounge; bike storage; Wi-Fi enabled micro-offices; and an event stylist who curates resident experiences such as build-your-own craft cocktail bars and garage painting parties with local artists that resulted in a number of artful wall murals.
Further down the trail, at the intersection of the BeltLine and Edgewood Avenue, NAP is underway on the development of Edge, a mixed-use community with workforce housing. The development will be the first to activate both sides of the BeltLine and transform an environmentally contaminated, post-industrial site into an immersive destination that will enhance the trail’s safety and artful energy. The project will feature a pedestrian bridge over the Beltline, interconnecting the community.
Edge will include 29,000 square feet of loft office, retail and restaurant space, including Shake Shack, Hazel Jane’s Wine & Coffee, and Cold Beer, a restaurant and bar concept by chef Kevin Gillespie, as well as 350 residential units, with 10 percent designated as affordable workforce housing. Edge is expected to open in December 2018.