Atlanta Firm Buys 10 Perimeter Park Apt. Community For $36 Million

ATLANTA, Ga. – An Atlanta firm that specializes in acquisition and management of multifamily properties throughout the Southeast has purchased the 10 Perimeter Park apartment community in Chamblee for $36 million.

Audubon Communities will now assume control of the building that was built in 2008 and contains 230 residential units, including some with 9- and 10-foot ceilings and modern finishes. Expansions and additional improvements to the amenity base are planned.

“Audubon Communities has a front row seat to the Chamblee boom, being based out of Atlanta,” said Shea Campbell, senior vice president at CBRE, the Los Angeles-based commercial real estate and investment firm that brokered the deal between Audubon Communities and the development’s previous owner, California-based Ardena Capital Management. “This property is in the path of progress as Chamblee continues its transformation, with a new high-end, single-family development across the street, a new Whole Foods, Octane Coffee and other attractive retail options in the Peachtree Crossing center roughly two miles away, and top schools.”

Per the terms of the deal, Audubon Communities will assume the existing loan and obtain a supplemental loan, bringing the property’s loan-to-value ratio to 70 percent. As interest rates continue to climb, primarily due to a 49 percent increase in the 10-year treasury rate since November, loans assumptions have become more attractive to the multi-family investment community, Campbell noted in a release.

According to the CBRE’s U.S. Q4 Capital Markets Marketview, multi-family investment accounted for 33.7 percent of property investment in the fourth quarter of 2016, giving it the largest market share by any property sector nationally.

Located just minutes away from Perimeter Mall, Brookhaven, Buckhead, Emory, and Midtown, 10 Perimeter Park offers easy access to both I-285 and I-85.

Photo courtesy of 10 Perimeter Park