Penler Acquires 290-Unit Trace Midtown Apartment Complex In Atlanta From JLB Partners For $94.3M

The multi-family asset involved in this transaction is the Trace Midtown apartment complex located at 782 Peachtree Street Northeast, Atlanta, GA. The 2016-built property consists of 290 units and was sold for $94.3 million, translating to a price per unit of approximately $325,172.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $94,300,000
• Units: 290
• Price Per Unit: $325,172
• Buyer: Penler
• Seller: JLB Partners

This transaction marks Penler's second recent acquisition in Atlanta, following their previous purchase of the Eleven 85 Apartments for $67 million. The deal exemplifies ongoing interest in the Atlanta multi-family market, showcasing distinct growth in this sector.