North American Properties sells Anthem on Ashley for $370 per square foot
North American Properties (NAP) has announced the sale of Anthem on Ashley, a 244-unit multifamily community with park side restaurant space, to Invesco Advisers, Inc. At $370 per square foot, the sale sets a new benchmark for wood-framed multifamily development in Metro Atlanta. JLL Multifamily Investment Sales represented the seller.
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.
Ranked as one of the 10 hottest neighborhoods in the country, Old Fourth Ward has quickly emerged as one of the Southeast’s coolest urban destinations, known for its walkability, lifestyle options, transit and culture. Old Fourth Ward’s booming growth has been spurred largely by the Atlanta BeltLine. The partially built trail is responsible for 30,000 permanent jobs and nearly $10 billion in economic development, with more than $4 billion in new development.
“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,” said Richard Munger, partner and senior vice president of residential development at NAP. “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; and an event stylist who curates resident experiences such as build-your-own craft cocktail bars and garage painting parties with local artists that resulted in a number of artful wall murals.
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 development will be the first to activate both sides of the BeltLine and transform an environmentally contaminated, post-industrial site into an immersive destination that will enhance the trail’s safety and artful energy. The project will feature a pedestrian bridge over the Beltline, interconnecting the community.
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.
For more information about North American Properties, visit naproperties.com.
About North American Properties
Founded in 1954, North American Properties is a privately held, multi-regional real estate operating and development company that has acquired, developed and managed more than $7 billion of mixed-use, retail, multifamily and office properties across the United States. Rooted in its purpose-driven approach to development, North American Properties is creating great places that connect people to each other; cities to their souls; partners to opportunities; and individuals to experiences that move them. Headquartered in Cincinnati, with offices in Atlanta, Dallas and Fort Myers, Florida, the company has developed 22 million square feet of commercial space and 19,000 residential units in 15 states and 67 cities. In the past three years, North American Properties has launched 36 projects totaling $2.2 billion in total capitalization. In metro Atlanta, North American Properties led the turnaround of Atlantic Station and the ground up development of Avalon. Currently, the team’s $3.8 billion retail-driven mixed-use development pipeline includes: Colony Square in Midtown Atlanta, Revel in Gwinnett County, Georgia and Riverton in the New York metro area.
