Cushman & Wakefield has arranged the sale of Flats at Perimeter Place, a 323-unit apartment community located in Dunwoody, Georgia. Robert Stickel, Mike Kemether and Alex Brown of Cushman & Wakefield represented the seller, Northwestern Mutual, in the transaction. Magnolia Capital acquired the property.
“Northwestern Mutual has been involved with Flats at Perimeter Place since lease-up and chose to invest in a condo-quality asset with Epicore construction,” Kemether said. “Central Perimeter continues to be a magnet for corporate headquarters with job creation and therefore investor interest – and what better place to live than Flats at Perimeter Place, the most central, walkable property in the submarket?”
Flats at Perimeter Place is located in Atlanta’s Central Perimeter submarket, the Southeast’s largest employment hub with 33 million square feet of office space. Surrounded by 4.5 million square feet of retail and walkable to both the Dunwoody and Sandy Springs MARTA rail stations, Flats at Perimeter Place is the most accessible apartment community in Central Perimeter. Amenities include a rooftop lounge with a tennis court, grilling station and bocce ball court; a resort-style swimming pool; a state-of-the-art fitness center with a yoga studio, cardio theatre and fitness classes; and four electric car charging stations.
“The marketplace has clearly recognized Flats at Perimeter Place as a special opportunity,” Stickel said. “We had depth and diversity from prospective purchasers. Ultimately, Magnolia Capital will be a part of the next chapter for this asset and submarket. With their experience in this submarket, they recognize this as an excellent opportunity to continue to invest in Atlanta’s exciting apartment market.”