TruAmerica Multifamily acquired Bricks at Perimeter Center, a 446-unit apartment community in Dunwoody, for an undisclosed amount.  

Built in 2007, Bricks offers a variety of floorplans averaging 926 square feet: 16 studios, 250 one-bedrooms, 154 two-bedrooms and 26 three-bedrooms. TruAmerica said in an announcement that the asset represents a unique value-add opportunity, with 442 of the 446 units currently in original or partially upgraded condition. 

“Bricks at Perimeter Center represents the type of opportunity we continue to seek: high-quality construction in a supply-constrained submarket, acquired at a meaningful discount to replacement cost and with a clear opportunity to create additional value,” said Wes LaBar, head of national acquisitions at TruAmerica. “Dunwoody’s strong demographics, limited development pipeline and high barriers to entry provide a compelling foundation for long-term rental demand, while our renovation strategy will allow us to further enhance the property and resident experience.” 

TruAmerica, which acquired Buckhead’s Tower on Piedmont community earlier this year, plans to renovate Brick units via its premium finish package, which includes quartz countertops, stainless-steel appliances, new flooring and updated cabinetry and hardware.  

“What stood out to us about Bricks at Perimeter Center is the combination of the property’s construction quality, location and renovation potential,” said Julien Lipps, TruAmerica’s director of acquisitions for the Southeast Region. “We see a clear opportunity to build on the asset’s existing strengths through targeted interior upgrades, while benefiting from the limited supply and strong demand characteristics of the Dunwoody submarket.” 

The seller was not disclosed. Kevin Geiger of CBRE helped arrange the acquisition. 

Via TruAmerica Multifamily.