Business News 32 Hundred Lenox

Published on October 12th, 2015 |

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Metropolitan at Buckhead 1961-era apartments bought for $53.5 million

The Metropolitan at Buckhead, a 431-unit multifamily complex off Lenox Road built in 1961, has been picked up by Elite Street Capital out of Houston for $53.5 million, or some $124,000 per unit.

The property last traded in 2007 to Los Angeles-based Aslan Realty Group for $41.5million.

Elite Street’s David Whitby said the firm—which makes its Atlanta debut with Metropolitan—has been shopping mainly for multifamily properties outside of Texas to diversify its holdings.

The firm, which sources capital from Israel, is especially targeting both Atlanta and the Carolinas. “We’re off and running to find the next deal. It’s the first of many we hope to have in Atlanta,” Whitby told Bisnow online real estate news service.

Elite Street plans “significant” renovations over the next 18 to 24 months on the units, adding some amenities as well, in hopes of pushing rents from $1thousand/month to $1,400/month, Whitby said.

The firm believes in improving apartment fundamentals that show even older properties fetching higher rents, and the trend that has revealed that renters are willing to pay more for older apartments as long as units have been extensively renovated on the inside, Whitby said.

Also, Elite Street is rebranding the property as 32 Hundred Lenox.

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