The 217-unit Monroe multifamily property Atlanta’s Brookwood neighborhood was recently sold for $91 million, or $419,355 per unit.
ParkProperty Capital purchased the community from RangeWater and Artemis Real Estate Partners. Cushman & Wakefield Executive Vice Chair Robert Stickel and executive director Alex Brown represented the sellers.
“RangeWater Real Estate designed and developed a truly irreplaceable asset, and their partner, Artemis Real Estate Partners, elected to harvest strong returns based on Atlanta’s growth trends and property performance,” Stickel said.
The Monroe, located at 222 Colonial Homes Drive NW, sits at the intersection of Atlanta’s central business district, Midtown and Buckhead and has immediate access to the Northside BeltLine and Bobby Jones Golf Course.
Community amenities include an athletic club, saltwater pool, rooftop lounge with skyline views and a clubhouse with a kitchen and coffee bar.
“ParkProperty Capital recognized the special nature of this BeltLine-fronting asset, and their ability to close without financing was a deciding advantage in today’s market,” Brown said. “The Monroe also has continued to attract high-end demographics and presented a unique opportunity to acquire a stabilized core-plus asset in desirable Brookwood with long-term sustainability and upside.”