JLL Capital Markets announced that it has secured the $39 million sale of 12th & James, a 214-home luxury apartment community in Atlanta, Georgia.
JLL worked on behalf of the seller, Aspen Square Management. The buyer was EQ Housing Advisors, Inc., who partnered with Atlantica Properties to convert the property into long-term affordable housing through a public-private partnership.
12th & James, located at 1212 James Jackson Pkwy NW in Atlanta’s Upper Westside submarket, offers convenient access to I-285 and I-20, providing residents with rapid commutes to major employment hubs including West Midtown, Buckhead, Cumberland and Downtown Atlanta. The property is ideally positioned to benefit from the area’s growing entertainment and retail districts, with The Works and Westside Reservoir Park both nearby.
Atlanta’s Upper Westside continues to emerge as one of the city’s most desirable neighborhoods, with projected rent growth of 17.4% through 2029, exceeding other popular Atlanta submarkets. The area has seen limited multifamily transactions, with only four properties containing 100+ homes trading in the past three years.
Built in 2002, 12th & James features 189 partially renovated and 25 classic apartment homes across one-, two- and three-bedroom layouts. The partially renovated units include modern upgrades such as white cabinetry, new countertops, tile backsplashes, stainless-steel appliances, Nest thermostats and smart home features.
Under the new ownership, all 214 units will be dedicated to long-term affordable housing. Half the units will be affordable for families earning up to 80% of the area median income (approximately $73,120 for a two-person household). Some units will have rental rates as low as $1,071 for a one-bedroom and $1,285 for a two-bedroom. An agreement with the Atlanta Urban Development Corporation ensures the units will remain affordable for at least 25 years.
JLL Capital Market’s Investment Sales and Advisory team was led by Senior Managing Directors John Weber and Peter Yorck, and Director Nick Brown and Vice President Dean Shoham.
“12th & James represents a compelling investment opportunity in a supply-constrained submarket with exceptional growth fundamentals,” said Weber. “The property offers significant operational upside through expense normalization and occupancy stabilization in an area experiencing tremendous commercial investment and infrastructure improvements.”
The new ownership is expected to continue the enhancement program while benefiting from the Upper Westside’s strong demographic trends, including a 3.2% annual population growth rate and 57% renter-occupied housing.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
