The transaction comes on the heels of the Praedium Group’s acquisitions of apartment communities in Nashville, Tenn.; Orlando, Fla.; and Dallas. Last year, the group purchased the 316-unit Broadstone Sugar Hill in Gwinnett County. Praedium’s investment strategy targets rental housing in suburban markets with above-average job and population growth, according to a press release.
While the terms of the sale were not disclosed, the property’s most-recent assessment stands at $45.8 million, according to Dekalb County records.
The Reid was completed in 2021 and encompasses 242 units in three buildings standing four and five stories high. Located at 2190 Northlake Parkway, the community is adjacent to I-285 and includes enclosed, air-conditioned corridors and a two-story, 24-hour fitness center. Other community amenities include a resort-style pool with cabanas, outdoor firepits and an outdoor kitchen with grilling stations.
The units come in two interior color schemes and have modern gourmet kitchens with stainless-steel appliances, polished granite countertops, wood-style plank flooring in living rooms and kitchens and private patios or balconies.
“We believe the Reid’s proximity to several major employment centers, access to walkable retail and lifestyle attractions and its state-of-the-art amenity set make this an attractive investment for Praedium,” principal Peter Calatozzo said. “We believe in-migration to the MSA will continue as a result of the business-friendly environment, which has attracted several corporate relocations and expansions, and several major employers have recently announced job-expansion plans over the next five years, including NCR Software (5,000 jobs), Anthem Healthcare (4,800 jobs) and Amazon (1,000 jobs).”