Pacific Urban Picks 412-Unit Perimeter Project
Pacific Urban Investors has bought the 412-unit Mount Vernon Flats at the Perimeter in Atlanta for $102.5 million. The complex will be rebranded The Kinsley at Perimeter Center. 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.
The property is in Perimeter Center, one mile from the 1.5 million-square-foot Perimeter Mall. Built in 1997, Mount Vernon Flats is a three-story garden-style community on 24 acres with a density of 17 units per acre. Its floor plans average 1,101 sq ft.
Pacific Urban’s Patrick Freydberg added, “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”.
Pacific Urban Investors has over $8.5 Billion in assets under management and owns and manages a national portfolio of more than 21,900 units.
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Atlanta Commercial Real Estate News
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