MAA Buys Second Buckhead Community: 349-Unit Allure at Brookwood
- Jul 30, 2012
Memphis, Tenn.-based MAA, a multifamily real estate investment trust, recently added the 349-unit Allure at Brookwood community to its portfolio of over 49,000 apartment units spread throughout the Sunbelt region of the U.S.
The high-end urban multifamily apartment community, located in the Buckhead submarket of Atlanta, is strategically positioned between several of Atlanta’s largest office submarkets: Midtown, Buckhead and Central Perimeter—home to some of Atlanta’s biggest employers. In addition, the property is located in very close proximity to several major medical employment centers within the Piedmont Medical Center, including the Shepherd Center, a nationally recognized rehabilitation center.
Built in 2008, Allure at Brookwood consists of two six-story mid-rise buildings and a five-level structured parking deck. The property offers residents a wide range of amenities including a resort-style pool with cascading fountains, a 50-meter lap pool, outdoor stone terrace with grill and an expansive fitness facility and business center. The apartment homes boast nine-foot ceilings with deluxe crown molding, cherry cabinetry, arched doorways and stainless steel appliances.
“We are pleased with this high-quality addition to our Atlanta portfolio and we expect this new investment will provide attractive long-term value for our shareholders,” said MAA EVP and CFO, Al Campbell. No financial details have been disclosed.
The Allure at Brookwood purchase is the second recent Buckhead acquisition for MAA as in mid-May the company bought the 230-unit Allure in Buckhead Village. This came as a surprise at the time, as MAA has several Atlanta-area properties on the market, but company officials have shared that their strategy includes selling several properties in order to recycle capital by investing in high-end properties in good locations.
According to a Marcus & Millichap market report for Q3, demand for Atlanta-area multifamily assets will remain intense as the pool of local investors and out-of-state buyers grows larger. The Buckhead submarket is targeted by investors due to its low vacancy rate and higher rents than all other Atlanta submarkets.
Chart Courtesy of Marcus & Millichap
Click here for more market data on Atlanta.