The 680-apartment residences at Vinings Mountain in Atlanta’s Vinings area were acquired by a joint venture for $77.5 million, or about $114,000 per unit.
The garden apartments last changed hands in 2016 for $37 million, according to Cobb County records. The property is divided into three distinct communities, each with its own pool, clubhouse, and fitness center: The Peak, Lakeside, and The Views. In total, the units are spread across 34 buildings on 53.5 acres.
Each apartment has its own balcony or porch and walk-in closet, while some have fireplaces and 13-foot vaulted ceilings.
The joint venture acquiring the property includes RPM Living Investments, the seventh-largest apartment manager in the United States, with 112,000 units under management, and ASB Real Estate Investments’ Allegiance real estate fund.
“The acquisition of Residences at Vinings Mountain is part of ASB’s workforce housing strategy to expand apartment investments in dynamic, high-growth markets where the supply of attractive rental housing has lagged behind growing tenant demand and where prices for homes for sale have risen,” ASB Senior Vice President Mary Murphy said in a Press release.
“Vinings is one of Atlanta’s most desirable and affluent neighborhoods, located inside the perimeter with convenient access to I-285 and I-75,” he said. she adds. “We believe the Submarket has become one of Atlanta’s most popular destinations for young professionals due to the high concentration of nearby lifestyle amenities and its relatively affordable price compared to Buckhead. and Midtown.”