Source: Associated Estates / #Apartments #Multifamily
ATLANTA, GA - Associated Estates Realty Corporation announced the acquisition of 1160 Hammond, a luxury apartment community located in the Perimeter submarket of Atlanta.
Comprising 345 units with 16,000 square feet of amenity space, 1160 Hammond offers convenient access to approximately 29 million square feet of nearby offices, restaurants, entertainment venues and shopping options, including Perimeter Mall. Residents are also within walking distance of the Sandy Springs MARTA station, which offers direct access into Downtown Atlanta.
The brand new apartment community offers various floor plans that include 10' ceilings, kitchen islands, granite countertops, tiled backsplashes, upscale cabinets and plank-style flooring. Additionally, 1160 Hammond opens with another unique feature that will separate it from its competition—a smoke-free policy for its apartment homes.
The newly-constructed property is in lease up and is currently 44.6% leased with average rents of approximately $1,550 per month. The Company now owns three properties comprising a total of 699 units in the Atlanta market.
"We are extremely pleased to add this premier asset to our high-quality portfolio," said John Shannon, Senior Vice President of Operations. "Our properties are located in high barrier-to-entry submarkets in major metropolitan areas, and 1160 Hammond is an ideal addition to the Associated Estates portfolio. As demonstrated by the success of our other properties in the region, the Perimeter submarket offers an attractive opportunity for our Company to invest in a thriving metropolitan area with robust demographic trends. We are confident the returns from this highly complementary asset will create significant shareholder value."