TruAmerica Multifamily acquired The Tower on Piedmont, a 20-story, 155-unit tower in the heart of Buckhead.
Located at the intersection of Peachtree and Piedmont roads, The Tower anchors the Buckhead Place mixed-use development, which includes more than 150,000 square feet of retail, hospitality and lifestyle offerings.
TruAmerica declined to disclose the sales price and seller.
Fulton County records indicate the property last changed hands for $69 million in 2021. The purchaser at the time was an LLC that shared a Houston address with Lionstone Investments, the U.S. real estate subsidiary of Ameriprise Financial. Ameriprise announced in November 2024 that it would wind down Lionstone by transferring approximately $5.5 billion in U.S. real estate to new investment managers following a strategic review.
The Tower on Piedmont opened in 2009 and offers studio, one-, two-, three-bedroom and penthouse apartments. Residences feature floor-to-ceiling windows, private balconies and smart-home features. Community amenities include a penthouse-level sky lounge with catering kitchen, rooftop pool and sundeck, outdoor social lounge with grilling stations, fitness center and 24-hour concierge service.
Community amenities include a penthouse-level sky lounge with catering kitchen, rooftop pool and sundeck. Via TruAmerica Multifamily.
The previous owners spent almost $3 million on capital improvements, including enhancements to the property’s amenities and interiors. TruAmerica said it plans to improve apartment interiors to a luxury standard and enhance the pool, lobby and fitness center.
“Acquiring The Tower on Piedmont significantly below replacement cost represents a generational opportunity to invest in a premier-quality property in an A-plus Buckhead location,” said Julien Lipps, director of acquisitions. “The property’s condo-quality construction, large floorplans and irreplaceable location make it a standout asset.”
Los Angeles-based TruAmerica was an active acquirer during the first quarter, purchasing more than $250 million in market-rate and affordable housing. That comes on the heels of $2.5 billion in total transaction volume in 2025. With the acquisition of The Tower on Piedmont, TruAmerica now owns about 3,000 apartments in Atlanta.
“The Buckhead submarket continues to be one of Atlanta’s most sought-after rental markets with its strong employment drivers and lifestyle destination,” said Wes LaBar, head of acquisitions. “Our long-term relationship with the seller demonstrated certainty of execution and experience in the Atlanta market were key to securing this opportunity.”
Ryan Greer and Troy Tegeler of CBRE advised TruAmerica on financing for the acquisition, while CBRE’s Colleen Hendrix, Shea Campbell and Ashish Cholia represented the seller.