Joint venture picks up 680-unit apartment community in Vinings for $77.5 million

by John Yellig

Each of the three communities that make up The Residences at Vinings Mountain has its own pool, clubhouse and fitness center. Courtesy of The Residences at Vinings Mountain.

The 680-apartment Residences at Vinings Mountain in Atlanta’s Vinings area was acquired by a joint venture for $77.5 million, or about $114,000 per unit. 

The garden apartments last changed hands in 2016 for $37 million, according to Cobb County records. The property is divided into three distinct communities, each with its own pool, clubhouse and fitness center: The Peak, Lakeside and The Views. Altogether, the units are housed in 34 buildings on 53.5 acres. 

Courtesy of Google Maps.

Each apartment has its own balcony or porch and walk-in closet, while some feature fireplaces and 13-foot vaulted ceilings. 

The joint venture acquiring the property comprises RPM Living Investments, the seventh-largest apartment manager in the U.S., with 112,000 units under management, and ASB Real Estate Investments’ Allegiance Real Estate Fund. 

“The Residences at Vinings Mountain acquisition fits within ASB’s workforce-housing strategy to expand apartment investments into dynamic, high-growth markets where supply of attractive rental housing has lagged growing tenant demand and where for-sale home prices have escalated,” ASB Senior Vice President Mary Murphy said in a press release 

“Vinings is one of Atlanta’s most desirable and affluent neighborhoods located inside the Perimeter with convenient access to I-285 and I-75,” she added. “We believe the submarket has become one of Atlanta’s most desirable destinations for young professionals due to the high concentration of nearby lifestyle amenities and relative affordability compared to Buckhead and Midtown.” 

The garden-style apartment complex is 94% leased and features 34 buildings built across 53.5 acres. Courtesy of The Residences at Vinings Mountain.

Read More Related to This Post

Join the conversation

New Subscribe

  • This field is for validation purposes and should be left unchanged.