Key Takeaways
- • Hines Global Income Trust acquired 99 West Paces, a 312-unit luxury apartment complex in Atlanta's Buckhead district, for a contract purchase price of $237.8 million.
- • JLB Partners was the developer and owner of the property, which was completed in 2023 and is approximately 95% leased.
- • The purchase was one of three transactions by the Trust totaling $525 million, which also included an industrial asset in Columbus, Ohio and an apartment complex in Dallas.
- • Hines Living is set to take over asset and property management following the September 29 closing, according to publisher reporting.
Summary
The Hines Global Income Trust has acquired 99 West Paces, a 312-unit luxury multifamily community in the Buckhead district of Atlanta, for a contract purchase price of $237.8 million, according to Yield PRO. JLB Partners was the developer and owner of the asset. The Trust closed the transaction on September 29, according to publisher reporting, and Hines Living will assume asset and property management responsibilities.
The property sits at 99 W. Paces Ferry Road NW, directly adjacent to Buckhead Village and within walking distance of retail, dining and services, including Whole Foods, The St. Regis, Tuxedo Park and Cherokee Town & Country Club. The 13-story building was completed in 2023 and is approximately 95% leased. Residences range from one to three bedrooms, spanning roughly 722 to 3,419 square feet. Amenities include a pool, wellness club and fitness center, pet spa, eight coworking spaces, a cafe and a sky lounge.
The Buckhead acquisition was part of a three-property transaction by the Hines Global Income Trust totaling $525 million. The other two assets were an industrial property in Columbus, Ohio and an apartment complex in Dallas. The deal reflects continued institutional capital flowing into high-quality, recently built multifamily assets in Atlanta's core submarkets.
The property sits at 99 W. Paces Ferry Road NW, directly adjacent to Buckhead Village and within walking distance of retail, dining and services, including Whole Foods, The St. Regis, Tuxedo Park and Cherokee Town & Country Club. The 13-story building was completed in 2023 and is approximately 95% leased. Residences range from one to three bedrooms, spanning roughly 722 to 3,419 square feet. Amenities include a pool, wellness club and fitness center, pet spa, eight coworking spaces, a cafe and a sky lounge.
The Buckhead acquisition was part of a three-property transaction by the Hines Global Income Trust totaling $525 million. The other two assets were an industrial property in Columbus, Ohio and an apartment complex in Dallas. The deal reflects continued institutional capital flowing into high-quality, recently built multifamily assets in Atlanta's core submarkets.
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