CBRE advised on the sale of Iris O4W, a newly built, 320-unit luxury apartment complex in the Old Fourth Ward neighborhood of Atlanta, Georgia. Equity Residential purchased the property for $126.25 million. 

Shea Campbell, Ashish Cholia, Kevin Geiger, Colleen Hendrix, and Don Hoffman of CBRE Southeast Multifamily arranged the sale on behalf of the property’s developer, Trammell Crow Residential, and equity partner, Diamond Realty Investments.

“In the multifamily space, this will be one of the more important transactions of the year in Atlanta,” said Mr. Campbell, Vice Chairman and Managing Director of CBRE’s Southeast region. “Despite the challenging capital markets environment, this deal was hyper-competitive and included nearly every notable institutional investor in the bidding process. This tells us that institutional investors have conviction in Atlanta’s fundamentals.”

Located at 652 Angier Ave. NE, the 320-unit mid-rise apartment complex was delivered in 2023 and offers studio, one- and two-bedroom units with an average size of 860 square feet. Unit interiors include quartz countertops, large walk-in closets, in-unit washer & dryer, private balconies, USB outlets, and keyless entry. Community amenities are vast and include a saltwater pool with a sun ledge, an outdoor rooftop lounge with an entertainment bar, an outdoor club area with grills and a pizza oven, a state-of-the-art fitness center, an indoor clubroom with game tables and HDTVs, a pet spa, and more.

The location of Iris O4W is also unmatched. The community lies just steps away from the Atlanta BeltLine’s Eastside Trail, Ponce City Market, Historic Fourth Ward Park, over 90 restaurants, 45 shops, and less than a mile from four different grocery stores. The property also has access to Downtown and Midtown Atlanta, the largest economic center in the Southeast.

Trammell Crow Residential (TCR) is a leading multifamily real estate developer with a local presence in 16 key U.S. markets. Over 45 years, TCR has built more than 285,000 premier multifamily residences, delivering amenity-rich communities in economically thriving locations nationwide.

Diamond Realty Investments is a national leader in the investment and development of multifamily, student housing, senior housing, medical office, and industrial real estate properties. Specializing in joint venture partnerships, Diamond Realty has invested in over 200 properties with a total acquisition and development cost surpassing $11 billion. For more than 30 years, Diamond Realty has partnered with the nation’s leading developers to create best in class housing and working environments.

Equity Residential is a real estate investment trust specializing in the acquisition, development, and management of residential properties across the United States. The company was founded in 1969 and is headquartered in Chicago, Illinois.