Multifamily investment company PENLER just surpassed $1 billion in capital commitments, thanks in part to two recent Atlanta acquisitions. Together, the communities Trace Midtown and Eleven85 add over 500 units to the Atlanta-based firm’s portfolio.

Trace Midtown

Located at 782 Peachtree St. NE, Trace Midtown was completed in 2016 and recently upgraded. The 12-story high rise features 290 units and amenities like a rooftop pool with skyline views, fitness center, resident lounge and clubroom, coworking space and garage parking.

A PENLER representative noted the development’s “affluent renter base,” explaining that, “With Midtown experiencing its first real supply slowdown in several years and construction costs continuing to rise, Trace is well positioned for both rent growth and long-term value creation.”

PENLER acquired Trace at a 34% discount and plans to invest roughly $4 million into new amenities and interior updates.

Eleven85

Completed in 2014, Eleven85 offers 288 apartments at 1185 Collier Road in Atlanta’s Upper Westside. Units feature granite countertops, stainless-steel appliances, ceramic-tile baths, balconies and built-in Bluetooth sound systems.

Outdoor amenities include a pool with cabanas, outdoor kitchens, a fire pit, playground, bocce ball court, business center and gated access.

PENLER received a 28% discount on the property and plans to spend $3 million on capital improvements.

RAM Management took over management duties at both properties at closing.

“Taken together, these acquisitions represent an opportunity to acquire high-quality communities in prime locations at a meaningful discount to replacement cost,” a PENLER representative said.