Cushman & Wakefield announced today that the firm represented a New York-based pension fund adviser in its sale of Perimeter Gardens at Georgetown to New York Life.

Cushman & Wakefield’s Michael Kay, Robert Stickel, Alex Brown, Ashlyn Warren and Sim Patrick represented the seller in the transaction.

“Perimeter Gardens at Georgetown aligns well with our investment strategy of acquiring high-quality multifamily assets in dynamic, supply constrained markets,” said Robert Bevers, Transactions Officer at New York Life Real Estate Investors. “With its strong tenancy, desirable location within Dunwoody and compelling market fundamentals, we believe that our renovation and capital plan will be well received by the market and deliver long-term value.”

Located on five acres at 100 Azalea Garden Drive in Dunwoody, Georgia, the 245-unit multifamily development was built in 2006 in Atlanta’s Central Perimeter Submarket, which has a concentration of Fortune 500 employers and average household income of $129,000. Units in the development average 959 square feet, and it features two swimming pools, a business center, a car-care center, internet café and lounge, EV charging stations, a fitness center, a grilling and picnic area, covered parking and storage units. Perimeter Gardens at Georgetown’s residents have been living at the property on average for four years.

“The seller acquired this well-built asset from AMLI in 2017 and has maintained it with exceptional care ever since,” said Kay, a Director at Cushman & Wakefield. “Their diligent stewardship and the property’s long-term resident base contributed greatly to the strength and desirability of this investment opportunity.”

Added Stickel, Cushman & Wakefield Executive Vice Chair, “We were pleased to help New York Life in acquiring this high-quality asset within one of Atlanta’s premier, high-barrier submarkets and to see the property’s strong legacy of institutional ownership continue.”

Access this link to download an image of Perimeter Gardens at Georgetown.

Cushman & Wakefield’s Sunbelt Multifamily Advisory Group is an 85-person investment sales team covering 14 states with No. 1 multifamily market share in that region based on sales volume and transactions reported to CoStar. Per Cushman & Wakefield, in 2024, the group closed $5 billion in sales volume through 172 deals and 28,000 units. For more information about the Sunbelt Multifamily Advisory Group, visit https://multifamily.cushwake.com.