ATLANTA — PRP has sold Perimeter 31, a 416-unit apartment community in Atlanta’s Central Perimeter submarket, for $98.8 million. The buyer was CWS.
A partnership controlled by PRP acquired Perimeter 31 in November 2016 for $74.5 million. Over its ownership, PRP invested over $4 million in base building, amenities and in-unit renovations. According to PRP, Perimeter 31 maintained occupancy levels of 95 percent and rent collections of 98 percent despite the pandemic.
Built in 2001, the Class A property includes six five-story buildings totaling 439,846 rentable square feet with an average unit size of approximately 1,000 square feet. The property’s amenities include a fitness center, swimming pool, structured parking with controlled access, outdoor grills, picnic area and a full-service business center.
The apartment community is situated within a half-mile of Perimeter Mall and is close to the Dunwoody MARTA station.