A joint venture between Atlanta multifamily developer Penler and global investment firm Carlyle recently purchased Signal, a 285-apartment mid-rise in Hapeville.  

Another Atlanta apartment company, South City Partners, was the seller. Financial details were not disclosed, but the most recent appraisal for the 7.6-acre property, located at 397 N. Central Ave., was $80.5 million, according to Fulton County records. The community opened in 2023. 

Signal has a mix of one- and two-bedroom apartments with an average size of 861 square feet. Units include stacked washers and dryers, open floor plans, wood plank-style flooring, walk-in closets and balconies or patios. Community amenities include a multimedia club room, sky lounge, outdoor grilling areas, pizza oven, fireside lounge, fitness center, saltwater pool, dog park, private garages and rental storage units. 

Shea Campbell, Ashish Cholia, Kevin Geiger, Keith Geiger, Colleen Hendrix, Don Hoffman, Malcolm McComb and Kurt McGarry of CBRE Southeast Multifamily arranged the sale on behalf of South City Partners.