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TruAmerica Multifamily has acquired The Tower on Piedmont, a 20-story high-rise residential property located in Atlanta’s Buckhead area. The community comprises 155 rental units and adds a high-rise asset to TruAmerica’s multifamily portfolio in one of Atlanta’s most established in-town neighborhoods.
According to reporting from the Atlanta Business Chronicle cited in the original coverage, the property last traded in late 2021, when Lionstone Investments purchased it for approximately $69 million, or nearly $450,000 per unit. The current acquisition price was not disclosed.
Completed in 2009, The Tower on Piedmont is a modern high-rise community with an amenity package aimed at renters seeking a full-service living experience. The property features a penthouse-level sky lounge with a catering kitchen, a rooftop pool and sundeck offering panoramic views of the city, and an outdoor social lounge equipped with grilling stations.
Additional on-site amenities include a fitness center and 24-hour concierge service, positioning the asset as a full-amenity option within the Buckhead rental market. The combination of high-rise construction, in-town location and service levels aligns the property with the upper tier of Atlanta’s multifamily inventory.
Prior ownership invested nearly $3 million in capital improvements at the property. These upgrades enhanced the community’s amenity spaces and unit interiors, reflecting ongoing efforts to keep the asset competitive among newer deliveries in the market.
Building on that work, TruAmerica Multifamily plans to launch a targeted capital improvement program. The strategy includes elevating unit interiors to a luxury standard and upgrading key common areas such as the rooftop pool, lobby and fitness center. The planned enhancements are intended to align the property with current renter preferences for high-quality finishes and robust amenity offerings.
CBRE played a central role in the transaction. Colleen Hendrix, Shea Campbell and Ashish Cholia of CBRE represented the seller in the sale of The Tower on Piedmont. On the capital side, Ryan Greer and Troy Tegeler of CBRE advised TruAmerica on financing for the acquisition, supporting the buyer in structuring the debt component of the transaction.
The acquisition underscores ongoing investor interest in Buckhead’s multifamily sector, particularly for well-located, amenitized high-rise properties that can support additional value through targeted reinvestment.
The post TruAmerica Multifamily Acquires 20-Story The Tower on Piedmont in Buckhead, Atlanta appeared first on CRE Market Beat.
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