Azure on the Park, 1020 Piedmont Avenue NE, Atlanta, GA
ATLANTA, GA—American Realty Advisors, an institutional fund manager with more than $8.7 billion in assets under management, has acquired Azure on the Park, a 329-unit, class A, luxury high-rise apartment community at 1020 Piedmont Avenue NE in Midtown Atlanta, GA. The seller was Atlantic Realty Partners, according to Real Capital Analytics, a proprietary research database service.
“We believe Azure on the Park is a best-in-class asset with a best-in-market location,” says Glen Weisberg, executive vice president, portfolio management at ARA. “Our core strategy is to acquire properties that are strategically positioned to perform, and are expected to provide long-term value to our investors. We look for high-density markets with elevated levels of technology-centric job growth and elevated education levels. Atlanta, in particular Midtown Atlanta, is one of those markets.”
Azure on the Park overlooks Piedmont Park, a 189-acre park that provides residents with a diverse range of culture and recreation. It is also surrounded by more than 150 restaurants, art exhibitions, and upscale retail. “Piedmont Park serves as a central urban green space and cultural resource to local residents,” says David Willett, senior director, investment group at ARA. “It is a vital part of the Midtown landscape and major attraction to the area, all adding to the long-term value of the Azure asset.”
The LEED Gold certified apartment community features a state-of-the-art fitness center with a yoga and spin studio, rooftop pool with clear edge overlooking the park, rooftop movie theater, sky club with billiards, entertainment dining and a Starbucks coffee bar, an Overlook on the 22nd floor with outdoor kitchen and grilling stations, as well as a bocce ball court, dog spa and walk, and bike storage, among many other amenities.
“Walkability is another major contributing factor in the assets we acquire,” says Willett. “Today's renters want immediate access to all the city has to offer, coupled with one-of-a-kind amenities. The views overlooking the park, proximity to dining and retail, and the superior amenities of Azure make it a strong addition to our portfolio.”
Midtown Atlanta has a diverse and growing base of Fortune 500 companies, along with a rising number of tech startups bringing more than 17,000 new jobs to the region in the last three years.
“Delta, Boeing, Honeywell, and NCR, among many other major corporations have all taken up residence in Midtown,” says Weisberg. “There is an influx of new office development such as the $375 million CODA mixed-use project that will add an additional 645,000 square feet, serving the expanding tech and science industries as part of Midtown's Tech Square. Tenants include WeWork and Georgia Tech, and other design and tech companies. Also, the recent announcement from Starbucks on its corporate hub expansion to be located in the heart of Midtown is set to add over 500 jobs, further attracting new residents to the region.”
In addition to its diverse employer base, Midtown Atlanta is home to some of the region's top universities including Georgia Tech, Georgia State University, and Emory University.
“These universities serve a combined total of more than 100,000 students and 175,000 employees,” says David Willett, senior director, investment group at ARA. “This drives long-term demand and stability for the asset, which can maximize returns for our investors.”
The seller was represented by Kris Mikkelsen and the Atlanta team at Walker & Dunlop.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
