In December 2013, MetLife spent $190 million to purchase The Terraces, a set of twin office buildings in the Central Perimeter submarket. MetLife quickly shifted its sights a little south and has just announced their purchase of another major asset, this time in the multi-family sector. The insurance giant purchased Elle Atlanta, one of the first upscale multi-family buildings to break ground after the recession hit in ‘08. At $106.5 million, MetLife paid approximately $284,000 per unit.
The apartment property, which sits at the corner of Peachtree Rd and Pharr Rd, has benefited greatly from the revival of Buckhead Atlanta. As construction activity resumed and dramatically intensified, so did the amount of attention investors gave to the apartment project. Elle is currently receiving rents higher than the coveted $2 PSF, making it a solid investment for those looking to capitalize on the multi-family boom happening in Atlanta.Share