TruAmerica Buys Dunwoody Apartments At Discount: The Atlanta Deal Sheet

TruAmerica Multifamily has picked up a big apartment asset in Dunwoody.

The Los Angeles-based investment firm bought the Bricks at Perimeter Center, a 446-unit garden-style apartment complex in the Central Perimeter submarket, according to a press release. TruAmerica did not disclose a seller or price. 

Josh Mudd, a principal at Atlanta-based Clark Ventures, confirmed that his firm sold the property to TruAmerica. No records reflected a sale as of the time of publication.

The county valued the apartment complex at $105M this year. TruAmerica plans to renovate the units in an effort to add value.

Wes LaBar, head of acquisitions for TruAmerica, said the firm acquired the property at a “meaningful discount to replacement costs,” according to the release. 

CBRE Vice Chairman Kevin Geiger brokered the sale. 

SALES

Leduong Investment of Georgia purchased 2590 Breckinridge Blvd., a 120,500 SF warehouse in Duluth, from McCormick International USA for $15.4M, according to sales tax records filed with the Georgia Superior Court Clerks’ Cooperative Authority database.

McCormick purchased the property in 2014 for $4.3M, according to Gwinnett County property data.

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An LLC tied to California-based Trinity Property Consultants purchased ReNew Vinings at 400 Winchester Trail, a 168-unit, 1970s-built garden-style apartment complex in Vinings, from an LLC titled Nighthawk Investment Holdings in North Carolina for $24.1M, according to sales tax records filed with the Georgia Superior Court Clerks’ Cooperative Authority database.

The property was renovated in 2006, according to a Cushman & Wakefield website that listed the property as sold in October, with Wesley Kenney, Mike Kemether, Nathan Swenson, Robert Yates and Jaime Slocumb listed as the brokers.

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Lincoln Property Co. purchased Shiloh Light Industrial Portfolio, a 10-building warehouse portfolio encompassing a little more than 1M SF built between 1995 and 2000, according to a press release. The purchase was part of the Lincoln Logistics Fund II.

Lincoln did not disclose a seller or a price. But Forsyth County records show the previous owner was Link Logistics, which bought the property in 2015 for $32.3M. Forsyth County valued the property at $15.5M this year.

LEASES

Homebuilder Ashton Woods Residential renewed and expanded to 55K SF at 3820 Mansell Road, one of the two-building office complexes known as Parkside Terraces in Alpharetta. The project encompasses a total of 254K SF. 

The Dryman Team President John Dryman represented Ashton Woods, while JLL Vice President David Home and Senior Vice President Will Tyler brokered for the landlord, Insignia LLC. Edgewood Partners Insurance Center also renewed 12K SF at the property.

FINANCING

JLL helped Thompson Thrift snag $463M in bridge financing with Barings for a portfolio of more than 2,400 apartment units in three states, including The Pullman in Atlanta. The Pullman is a 276-unit apartment complex in Union City that Thompson Thrift developed in 2023.

The Pullman was the only Metro Atlanta property in the portfolio that included properties in Florida and Arizona as well. 

According to Fulton County records, Thompson Thrift obtained a $40.6M loan from the Bank of Oklahoma in 2023 for the property, which was set to mature in May 2027. The Barings loan replaced existing construction loans on all eight properties.

JLL Senior Managing Director Danny Kaufman, Director Medina Spiodic, and Executive Managing Directors Mark Gibson and Matthew Lawton arranged the financing.