Business News Residence Buckhead Atlanta

Published on July 29th, 2016 |

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2 apartment towers at Buckhead Atlanta under contract to sell for $140M

The two Residence Buckhead Atlanta high-rise luxury apartment towers, which provide the living portion of OliverMcMillan’s upscale mixed-use Buckhead development, are under contract to sell for almost $140 million, according to a report by the Atlanta Business Chronicle.

Denver-based Simpson Housing LLP has reached an agreement to buy The Residence Buckhead Atlanta, which overlook the six-block mixed-use project and The Shops Buckhead Atlanta for the highest price ever paid for an apartment project in the city, the ABC reports.

The Business Chronicle reports “Simpson Housing could finalize a deal for the towers in a matter of weeks and pay about $370,000 a unit, people familiar with the transaction said.” Simpson Housing could not be reached for comment, according to the ABC.

The Residence Buckhead Atlanta includes 370 apartment units that were among the first to exceed $2 per foot in rent when they were completed in 2015. The Residence Buckhead Atlanta still features some of the highest rents in the city, well over $2.50 per foot, the ABC reports.

The Business Chronicle reported that Holliday Fenoglio Fowler (HFF) has been listing The Residence Buckhead on behalf of OliverMcMillan, but reportedly could not comment on the pending deal.

To read the entire Business Chronicle story, click here.

 

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