Perennial Properties has taken a $90 million refinance for Arya Peachtree, a 282-unit luxury multifamily asset in Atlanta. TIAA provided the loan, which retires $62 million in construction debt from late 2018, public records indicate. A Cushman & Wakefield team brokered the new financing, which matures in 2029.
Located at 1777 Peachtree St. NE in Atlanta's Brookwood neighborhood, Arya Peachtree rises 12 stories and features a mix of studio, one-, two- and three-bedroom floor plans, ranging from 597 to 1,395 square feet. Community amenities include a swimming pool, a fitness center with skyline views, a dog spa, electric vehicle-charging stations, and a club room. The building has 16,346 square feet of office and retail space on its first two floors.
Atlanta Keeps Performing
Following a banner year in 2021, Atlanta appears set to hit greater heights in 2022. A first-quarter report from Marcus & Millichap notes that, last year, absorption hit above 16,000 units across the metro for the second year in a row, and rent growth has exploded, hitting 18.4% last year. While that growth with decelerate this year, the report still anticipates very strong gains of 6.7% by the end of the year.
Investors, particularly those outside the market, are focusing heavily on multifamily assets in Atlanta. With property values rising by more than 10%, and institutional investors targeting assets further from the urban core — alongside population shifts — the market's fundamentals are projected to remain strong, especially as job growth continues to boost the metro's economy.