Black Creek Group, a real estate development firm and alternative investment sponsor, has purchased Hanover Perimeter, a 384-unit multifamily property located in Atlanta, Georgia for approximately $117 million.
“Hanover Perimeter is a premier, luxury property that is in line with Black Creek’s strategic approach of expanding our presence in the multifamily sector,” said Chris Westcott, Black Creek Group’s senior vice president of multifamily acquisitions. “We strive to acquire properties in areas with strong demographics and market fundamentals.”
Built in 2018, the units include chef kitchens, private terraces and smart thermostats, while the complex includes a three-story clubhouse with billiards and a TV lounge. The property is located in the Central Perimeter submarket of Atlanta and was 96 percent leased at the time of closing.
“The Central Perimeter submarket is one of the largest office submarkets of Atlanta and we continue to see new jobs being created in the area,” added Westcott. “This job creation is translating to an increased demand for high-end multifamily properties as much of the workforce aims for a work-life balance that not only offers convenience but also high-end amenities.”
Hanover Perimeter is the third multifamily property that Black Creek Group acquired in 2019, following a 333-unit property in Rockville, Maryland and a 268-unit property in Winter Park, Florida.
Black Creek Group has purchased or built more than $20 billion of investments throughout its 25+ year history and manages investment offerings across various commercial real estate sectors including office, industrial, retail and multifamily. The company’s investment programs include Black Creek Diversified Property Fund, Industrial Property Trust and Black Creek Industrial REIT IV.
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