ATLANTA — Los Angeles-based TruAmerica Multifamily has purchased The Tower on Piedmont, a 20-story high-rise apartment tower in Atlanta’s Buckhead district. The seller and sales price were not disclosed, but TruAmerica says that the previous owner invested $3 million in capital improvements at the 155-unit tower prior to the sale.
Colleen Hendrix, Shea Campbell and Ashish Cholia of CBRE represented the seller in the transaction. Ryan Greer and Troy Tegeler of CBRE arranged an undisclosed amount of acquisition financing for TruAmerica.
Completed in 2009, The Tower on Piedmont features high-end finishes and amenities, including a penthouse-level sky lounge with a catering kitchen, rooftop pool and sundeck, outdoor social lounge, fitness center and 24-hour concierge services.
The acquisition grows TruAmerica’s metro Atlanta holdings to approximately 3,000 units (owned and managed). The buyer plans to further invest in upgrading the property’s amenities and common spaces.