An Austin, Texas, firm purchased the 408-unit Brentwood Downs garden-apartment community in Lilburn for $86 million.
Courtesy of Google Maps.
The off-market transaction represents the sixth multifamily acquisition by RPM Living Investments‘ RPM Multifamily Fund I since it launched last year. First Horizon Banks financed the deal.
Located at 500 Pleasant Hill Road, Brentwood Downs experienced organic rental-rate growth of more than 18% over the last year. The rent-rate increase reflects Atlanta’s overall demand for suburban housing, which has been driven by rising remote work and population growth and supply shortage inside the Perimeter, according to RPM Living.
“The suburbs of Atlanta continue to see growth as residents leave the city center for more space,” RPM Living COO Josh Kahn said in a press release. “The strategic acquisition of Brentwood Down builds on our plans to further expand our national presence in growing markets.”
Units encompass an average of 1,070 square feet. Community amenities include a lake, pool, detached private garages and fitness center.
Community amenities include a lake, pool, detached private garages and fitness center. Courtesy of Brentwood Downs.