The 182-unit Residences at CityCenter community that sits in the shadow of Mercedes-Benz Stadium was sold for $39.75 million on March 31.
The seller was Houston-based Domain Communities, which purchased the property in 2015 when it was known as Courtyard at Maple. Domain made numerous upgrades to the apartments during its ownership.
“Residences at CityCenter has an irreplaceable infill location within one of the fastest-growing submarkets of Atlanta, offering residents a true live-work-play lifestyle,” said Judy MacManus of Berkadia Atlanta, which helped Domain sell the property. “The property will soon become a fully market-rate community offering a strong value-add opportunity with continued capital infusion.”
The buyer, Florida-based AWP Real Estate, plans to make further improvements with the help of real estate advisor Lincoln Properties.
“AWP Real Estate is extremely excited to have the opportunity to purchase this asset located in a dynamic area of Atlanta that will be transformed over the next few years by both new development and redevelopment,” AWP CEO Steve Olson said in a press release. ” The intention is to create a Downtown Atlanta community environment where residents are excited to live and call home within this historically vital area of the city.”
Located at 55 Maple St. NW, Residences at CityCenter was built in 1993 and offers one-, two- and three-bedroom units in a garden-apartment setting. Community amenities include a pool, fitness center, dog park and laundry facilities.