Equity Residential, a leading real estate investment trust (REIT), is set to enhance its footprint in Atlanta by acquiring a substantial portfolio of multifamily apartments in a deal worth $535 million.
The transaction includes eight apartment complexes that collectively house over 2,000 units, with the company disclosing details in an investor presentation filed with the Securities and Exchange Commission.
Pioneering the Atlanta multifamily market, Equity Residential has emerged as the most active buyer in the region, reportedly spending $664 million on properties between March 2024 and 2025 alone.
The next acquisition underscores the REIT’s strategic investment approach, as it plans to close on the 2,064-unit portfolio by the end of the month.
This portfolio features properties primarily situated in the northern suburbs of Atlanta with an average age of 16 years, purchased at a cap rate of less than 5%.
The properties included in this acquisition are:
– Cortland Lex in Alpharetta
– The Falls at Forsyth in Cumming
– The Lofts at Perimeter Center in Atlanta
– The Drexel Dunwoody
– The Reserve at Summit Crossing in Cumming
– The Heights at Perimeter Center in Dunwoody
– Summit Crossing I and II in Cumming
Currently owned by Blackstone, the portfolio represents a significant opportunity for potential investors.
A spokesperson from Blackstone remarked, “This transaction represents a terrific outcome for our investors and demonstrates the strong institutional demand for well-located, quality assets.”
Blackstone views rental housing as a principal investment theme, citing strong fundamentals in attractive markets.
The Reserve at Summit Crossing is owned by Preferred Apartment Communities based in Atlanta, while The Heights at Perimeter Center is managed by Trinity Property Consultants from Irvine, California.
Recent calls to Equity Residential, Preferred Apartment Communities, Cortland, and Trinity were not returned by press time.
Equity Residential’s initiative reflects a broader trend within Atlanta’s multifamily market, which has been navigating through an oversupply of units.
However, construction has significantly slowed, with the number of units under construction dropping from 35,000 at the beginning of 2024 to just 19,000 as 2025 begins, according to Lee & Associates.
This reduction has sparked a renewed interest among buyers, capitalizing on the opportunity created by fewer new projects breaking ground.
In the previous year, metro Atlanta ranked as a top-tier market for apartment investments, amassing $3.5 billion in sales, behind only Dallas-Fort Worth and Los Angeles, as reported by MMG Real Estate Advisors.
Despite recent fluctuations, the average price per unit has increased from $202,000 in Q1 2024 to $209,000 in Q1 of this year, as noted by Lee & Associates.
Equity Residential currently manages 14 apartment properties throughout Metro Atlanta, including the Osprey Apartments in West Midtown, Skyhouse South Apartments in Midtown, Iris O4W Apartments, and The Bishop Apartments in Sandy Springs.
The latest acquisition will predominantly focus on suburban apartment properties, which experts indicate have been less affected by the influx of new apartments.
The Radco Cos. Chief Investment Officer, Lisa Hurd, recently highlighted adjustments in leasing incentives, explaining, “Our suburban product was offering six weeks free. Today, it’s two weeks free on select unit types.”
Market conditions are showing positive shifts, particularly in suburban areas, creating improved opportunities for stakeholders.
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