TruAmerica Multifamily Acquires 446-Unit Bricks at Perimeter Center in Dunwoody

TruAmerica Multifamily announced on October 15 its acquisition of the 446-unit Bricks at Perimeter Center, a garden-style apartment community located in Dunwoody, Georgia. This transaction, facilitated by CBRE Vice Chairman Kevin Geiger, brings TruAmerica's total unit count in the Atlanta metro area to 3,374. The property, originally built by Gables Residential in 2007, was purchased from Atlanta-based Clark Ventures.

According to Julien Lipps, TruAmerica's director of acquisitions for the Southeast, the firm prioritized this newer, Class A asset due to strong employment drivers and limited supply in the Perimeter Center submarket. This contrasts with older properties facing liquidity challenges. TruAmerica leveraged an existing relationship with Clark Ventures to secure the deal preemptively.

The firm plans extensive renovations for 442 of the units, including upgrades like quartz countertops, stainless-steel appliances, and new flooring. Additionally, TruAmerica intends to convert the unused clubhouse into a co-working space, catering to the significant work-from-home population in Atlanta. With minimal new construction slated for Dunwoody, this strategic upgrade aims to enhance the property's competitive edge.