North American Properties (NAP) Tuesday announced the sale of Anthem on Ashley, a 244-unit multifamily community to Invesco Advisers, Inc.
At $370 per square foot, the sale sets “a new benchmark for wood-framed multifamily development in Metro Atlanta,” according to the announcement.
JLL Multifamily Investment Sales represented NAP.
Located at the corner of Ashley Avenue and Ralph McGill Boulevard, the “Class AA” community is within walking distance of the Atlanta Beltline’s Eastside Trail and is the “only apartment community with direct access to Historic Fourth Ward Park.”
“Urban trail-oriented development is the new beachfront property, as people of all ages increasingly seek to live in active, walkable environments that offer a diversity of experiences,” Richard Munger, partner and senior vice president of residential development at NAP, said in a prepared statement.
“At Anthem, we created an urban, creative experience that resonates with the market. Every project is unique because every market is different, and we work very closely with the neighborhoods we serve to deliver a quality development that enhances the community.”
In addition to its access to the Atlanta BeltLine and Historic Fourth Ward Park, Anthem offers residents the following amenities: a saltwater pool with a sun deck and private cabanas; 24-hour fitness center with group classes; poolside club room and sky deck overlooking Historic Fourth Ward Park; outdoor grilling stations and fire pit; clubhouse with bar lounge; bike storage; Wi-Fi enabled micro-offices.
Further down the trail, at the intersection of the BeltLine and Edgewood Avenue, NAP is underway on the development of Edge, a mixed-use community with workforce housing.
The project will feature a pedestrian bridge over the Beltline.
Edge will include 29,000 square feet of loft office, retail and restaurant space, including Shake Shack, Hazel Jane’s Wine & Coffee, and Cold Beer, a restaurant and bar concept by chef Kevin Gillespie, as well as 350 residential units, with 10 percent designated as affordable workforce housing.
Edge will open in December 2018.
Overall price was $75 million.