The new build-to-rent neighborhood, University Commons, features two-story detached homes with three bedrooms and three baths in each residence.
The popular Beltline community from The Providence Group will add another 72 condominiums to the Atlanta real estate market with units priced from $619,900 to $729,900.
Financial details of the transaction were not disclosed, but the property was purchased for $24.8 million in 2017 and was appraised at $43 million for the 2022 tax year.
Atlanta’s JAMCO Properties sold the collection of 12 communities, which were held for an average of 14 years, to an undisclosed buyer.
The Maryland firm has been acquiring Atlanta multifamily real estate since 2015.
The new phase will also add a four-story mass timber-loft office building to the mixed-use Atlanta real estate development.
The Midtown Development Review Committee recommended numerous design changes for the project, which will include a 37-story, 465-unit residential tower.
The properties are in Atlanta, Doraville and Norcross.
The Morgan County planned-unit development is capable of supporting 1,471 single-family units and is located just off I-20.
If approved by the city, the new community would replace 23 wooded acres at the intersection of Kimball Ridge and Buice roads.