Cushman & Wakefield has arranged the sale of The Hill, a 287-unit apartment community located at 1160 Johnson Ferry Road NE in Atlanta, Georgia. Robert Stickel, Chris Spain and Alex Brown of Cushman & Wakefield represented the sellers, North American Properties and an affiliate of Morgan Stanley Real Estate Investing, in the transaction. Cortland acquired the property.
“North American Properties looks forward to watching The Hill continue to exceed expectations under the guidance of Cortland,” said Richard Munger, Managing Partner of North American Properties. “The development of The Hill has set a new standard for resident experiences and neighborhood engagement directly serving the ‘Pill Hill’ medical community in Sandy Springs.”
Mike Altman, Chief Investment Officer of Cortland said “The Hill is a generational asset in a core location. The physical product is exceptional, and our team is excited to curate an excellent resident experience for years to come.”
The Hill’s strategic position within Pill Hill, Atlanta’s medical powerhouse, benefits the property immensely with more than 20,000 healthcare jobs in a half-mile radius, as well as superior access to Atlanta’s top employment and entertainment districts. The property’s residential setting has a distinctly unique neighborhood feel and boasts an impressive average household income of more than $157,000.
“Both NAP and Cortland saw the unique advantages of the only asset adjacent to Atlanta’s largest medical campus featuring three hospitals and additional related office space,” Stickel said. “The Hill benefited from this fortress location with high barriers to entry and saw tremendous resident demand that will continue to drive growth for many years to come.”
The Hill is shielded from new supply with no developable sites available in the immediate area and significant municipal zoning restrictions in the city of Sandy Springs.
Cushman & Wakefield’s Sunbelt Multifamily Advisory Group ranks No. 1 in Sunbelt market share based on more than $4.8 billion in multifamily investment sales through the third quarter (Source: Real Capital Analytics). Market share reflects sales for Alabama, Arkansas, Northwest Florida, Georgia, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee and Texas.