Multifamily owner-operator and investment manager Pacific Urban Investors has entered the Atlanta market acquiring their first property in the MSA, Mount Vernon Flats at The Perimeter, totaling 412 units with a total consideration of $102.5 Million.
Mount Vernon Flats at The Perimeter (rebranded The Kinsley at Perimeter Center) is located in the job- and amenity-rich hub of Perimeter Center in northern Atlanta. Pacific’s entry into the Atlanta market is a continuation of broader portfolio expansion efforts throughout the East Coast which includes communities in the New York Metro, Boston, and Mid-Atlantic markets.
“We are excited to bring our institutional capital relationships and longstanding track record in the multifamily space to the Atlanta MSA for both value-add repositioning and long-term core ownership. We fully expect this to be the first of many in the Atlanta MSA, a market in which we are significantly underweight, and we look forward to a productive 2024” said Matt Lederer, Vice President of Investments at Pacific. “This investment in Atlanta represents an excellent addition in a core location with steady demand that fits squarely within Pacific’s investment thesis: quality communities in core locations proximate to significant employment and lifestyle amenities. In addition, Kinsley offers a significant value proposition for residents as compared to more recent deliveries and home ownership.”
Mount Vernon Flats is well-positioned in Perimeter Center, Atlanta’s largest CBD (35M SF+ Office, with 130K+ Jobs), one-mile from the 1.5M sq. ft. Perimeter Mall, and a five-minute drive from Atlanta’s largest concentration of hospitals (1,350 beds). The Property’s location benefits from significant drive-by visibility due to its location on Mount Vernon Highway and is less than half a mile from State Route 400. Perimeter Center also offers an abundance of retail amenities, much of it walkable from the Property.
“Pacific would like to thank our counterparty, New York Life Investments, for achieving a very smooth transaction, leveraging our preexisting relationship with Walker Dunlop, the broker” said Patrick Freydberg, Director of Investments for Pacific Urban Investors.
About Pacific Urban Investors: The Palo Alto, CA-based company has over $8.5 Billion in assets under management and owns and manages a national portfolio of more than 21,900 units. The firm and its partners have decades of experience in apartment investments, both repositioning and ‘re-manufacturing’ multifamily assets and their income streams to their optimal, core potential. Pacific has progressed over time to become a best-in-class owner, operator, and asset manager in the multifamily space, serving as a fiduciary for its own partner capital as well as its strategic partnerships with institutional pension funds and other sophisticated investors. Pacific is actively acquiring multifamily assets as a principal and providing both co-investment and preferred equity for development, acquisition, and recapitalization.
