TruAmerica Picks Up 20-Story Buckhead Rental Property
TruAmerica Multifamily acquired The Tower on Piedmont, a 20-story, 155-unit high-rise residential community in Atlanta’s Buckhead area. The Atlanta Business Chronicle reports the tower last changed hands in late 2021, when Lionstone Investments purchased it for $69 million, or nearly $450,000 per unit.
Completed in 2009, The Tower on Piedmont offers an extensive amenity suite including a penthouse-level sky lounge with a catering kitchen, rooftop pool and sundeck with panoramic city views, outdoor social lounge with grilling stations, fitness center, and 24-hour concierge service.
Prior ownership invested nearly $3 million in capital improvements, enhancing the property’s amenities and interiors. TruAmerica plans to execute a targeted capital improvement program to elevate unit interiors to a luxury standard and enhance the rooftop pool, lobby, and fitness center to meet strong renter demand for high-quality amenities.
The acquisition was facilitated by CBRE, with Colleen Hendrix, Shea Campbell, and Ashish Cholia representing the seller. Ryan Greer and Troy Tegeler of CBRE advised TruAmerica on financing for the acquisition.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout