Pacific Urban Investors Enters Atlanta Market with Acquisition of Mount Vernon Apartments at Perimeter

Multifamily owner-operator and investment manager Pacific Urban Investors has entered the Atlanta market by acquiring its first property in the MSA, Mount Vernon Flats at The Perimeter, totaling 412 units for a total consideration of $102.5 million. dollars.

Mount Vernon Flats at The Perimeter (renamed The Kinsley at Perimeter Center) is located in the job- and amenity-rich Perimeter Center in North Atlanta. Pacific’s entry into the Atlanta market is part of broader portfolio expansion efforts across the East Coast, which includes communities in the New York, Boston and Mid-west metro markets. Atlantic.

“We are excited to bring our institutional capital relationships and long-standing multifamily experience to the Atlanta MSA for a value-add repositioning and long-term principal ownership. We 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 central location with consistent demand that aligns perfectly with Pacific’s investment thesis: quality communities in central locations close to important employment and employment services. lifestyle. Additionally, Kinsley offers a significant value proposition to residents relative to newer deliveries and homeownership.

Mount Vernon Flats is well located in Perimeter Center, Atlanta’s largest CBD (35 million+ square foot office, with over 130,000 jobs), 1 mile from the 1.5 million Perimeter Mall square footage and a five-minute drive to Atlanta’s largest concentration of hospitals. (1,350 beds). The property’s location enjoys significant driving 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 shopping retail outlets, most of which are within walking distance of the property.

“Pacific would like to thank our counterparty, New York Life Investments, for completing a very smooth transaction, leveraging our pre-existing relationship with Walker Dunlop, the broker,” said Patrick Freydberg, chief investment officer for Pacific Urban Investors.

About Pacific Urban Investors: The Palo Alto, California-based company has more than $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 investing, both repositioning and “remanufacturing” multifamily assets and their income streams to achieve their optimal and essential potential. Pacific has grown over time to become one of the top owners, operators and asset managers in the multifamily space, serving as a fiduciary for its own partner capital as well as its strategic partnerships with institutional and pension funds. other sophisticated investors. Pacific actively acquires multifamily assets as principal and provides both co-investment and preferred equity for development, acquisition and recapitalization.