Equity Residential acquired the recently built Iris O4W, a 320-unit luxury apartment complex in the Old Fourth Ward, for $126.3 million.
CBRE, which announced the sale, arranged the transaction on behalf of the property’s developer, Trammell Crow Residential, and equity partner Diamond Realty Investments.
Equity Residential recently announced the purchase of 11 apartment communities for $964 million, including four in Atlanta, but did not provide specifics.
Located at 652 Angier Ave. NE, the mid-rise community sits across from the Historic Fourth Ward Park and is near the BeltLine’s Eastside Trail and Ponce City Market.
Opened in 2023, it offers studio, one- and two-bedroom units with an average size of 860 square feet. Interiors include quartz countertops, walk-in closets, washers and dryers and balconies.
Community amenities include a saltwater pool with sun ledge, rooftop lounge with entertainment bar, outdoor club area with grills and pizza oven, fitness center and indoor clubroom with game tables and HDTVs.
“In the multifamily space, this will be one of the more important transactions of the year in Atlanta,” said Shea Campbell, vice chairman and managing director of CBRE’s Southeast region. “Despite the challenging capital markets environment, this deal was hyper-competitive and included nearly every notable institutional investor in the bidding process. This tells us that institutional investors have conviction in Atlanta’s fundamentals.”
Located at 652 Angier Ave. NE, the mid-rise community sits across from the Historic Fourth Ward Park and is near Ponce City Market. Courtesy of CBRE.