Real estate-investment behemoth Tishman Speyer made a significant purchase in Atlanta with the recent acquisition of the 502-apartment Avia at North Springs in Sandy Springs. 

Randolf Perimeter is located at 7150 Peachtree Dunwoody Rd. Courtesy of Google Maps.

New York-based Tishman Speyer purchased property through its affordable- and workforce-housing subsidiary, TS Communities, which launched in 2021. The asset is the subsidiary’s first workforce-housing acquisition and its first investment outside New York.   

Financial details about the transaction were not disclosed, but the workforce-housing community, which was built in two phases between 1989 and 1996, last sold for $93.4 million in 2017, according to Fulton County records.  

The 22-building community, to be renamed Randolph Perimeter, is connected to the MARTA North Springs Station via a walking trail and abuts GA-400, providing residents quick access to numerous employers in the bustling Central Perimeter submarket.  

“With its diverse economy, strong existing infrastructure and growing population, the entire Atlanta region is in need of meaningful additional investments to preserve quality workforce housing,” Tishman Speyer Managing Director Ty Barnes said in a release. “Randolph Perimeter presents a rare opportunity to support a residential community catering to working-class families within an established neighborhood featuring great schools, excellent transportation and a wealth of dining, retail and entertainment options.” 

Apartments range from studios to three bedrooms. TS Communities will undertake a strategic renovation program with most existing units being upgraded as they become vacant.   

Community amenities include a clubhouse, two outdoor pools, tennis courts, a playground, wooded walking trails and a boardwalk overlooking a nature preserve. TS Communities plans to upgrade the amenities with a fitness center, pickleball court, poolside lounge areas and outdoor TV lounge with entertainment/gaming space.