Spyglass Capital Partners Sells $106M Atlanta Apartments

WashREIT has paid $105.6 million to acquire The Carlyle of Sandy Springs, a 389-unit apartment community in suburban Atlanta. No financing was recorded for the acquisition. The seller, Spyglass Capital Partners, purchased the multifamily asset in late 2014 for $34.1 million, according to documents filed with Fulton County.

A Cushman & Wakefield team represented Spyglass in the disposition.

Located some 20 miles north of central Atlanta at 501 N. River Pkwy, the 1972-built garden property spans 30 acres and has a mix of one-, two-, three- and four-bedroom units with floor plans between 804 and 2,300 square feet. The community’s website indicates rents are presently starting from $1374 for smaller units, with the asset’s largest apartments starting at around $2,300 per month.

Amenities at The Carlyle include a dog park, fitness center, swimming pool, and grilling area. Units are equipped with granite countertops, stainless steel appliances, and wood floors. Spyglass had started updating units prior to the sale, and WashREIT plans to continue capital improvements.

Population Boom

Atlanta has long benefited from strong demographic trends, according to a third-quarter Fannie Mae report from last year. With population growth remaining elevated, the multifamily market has shown remarkable growth: Yardi Matrix’s January national report pegged Atlanta’s rent growth at a stellar 18.1% figure year-over-year through January, with anticipated growth of 6.2% for the 2022 year.

The Sandy Springs area of the metro may be on track for growth above the market average, too. The submarket is home to at least seven Fortune 500 companies, including UPS, and boasts significant employment expansion in the tech sector during the past few years.