Cushman & Wakefield announced that the commercial real estate services firm has arranged the sale of Osprey, a 320-unit apartment community located in Atlanta.
Robert Stickel, Alex Brown and Ashlyn Warren of Cushman & Wakefield represented the seller, Toll Brothers Apartment Living, in the transaction. Equity Residential acquired the property.
“Toll Brothers Apartment Living delivered a phenomenal asset,” Stickel said. “They were the first to bring high-rise product to the West Midtown market, which draws from the impressive recent job growth showcasing Atlanta’s technology talent.”
Amenities include a lawn game area and patio lounge, hospitality lounge, dining room, juice bar, pet park and spa, garage, fitness center with on-demand virtual training, pool with private cabanas, rooftop lounge and terrace, and coworking space. The property includes 13,000 square feet of ground-floor retail which is leased to Orangetheory Fitness, Snooze, SweatHouz, and Yalda.
“Equity Residential is a highly recognizable institutional investor who recently decided to re-enter Atlanta’s multifamily market,” Brown said. “This is one of what will surely be more acquisitions as they establish a portfolio in one of the strongest growth markets in the Sunbelt.”
Built in 2020, Osprey offers an urban infill high-rise located in the heart of West Midtown. Osprey is the only multifamily high-rise in Midtown with panoramic views of the Atlanta skyline and has outpaced urban Atlanta’s leasing trends.
Cushman & Wakefield’s Sunbelt Multifamily Advisory Group ranks No. 1 in Sunbelt market share based on over 250 transactions and $6.2 billion in multifamily and land investment sales in 2020 (Source: Real Capital Analytics). Market share reflects number of sales for Alabama, Arkansas, Northwest Florida, Georgia, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee and Texas.
