Tishman Speyer has expanded its portfolio with the acquisition of a 502-unit community in the Atlanta suburbs. The firm purchased Avia at North Springs on behalf of its TS Communities affordable housing development platform. The identity of the seller could not immediately be learned. According to Yardi Matrix data, the community last changed hands when Harbor Group International acquired it from Lincoln Property Group in April 2017 in a $93.3 million deal.
The workforce housing community was built in two phases between 1989 and 1996 and totals 22 buildings. According to Yardi Matrix data, Avia at North Springs offers studio and one-, two- and three-bedroom units that range from 522 to 1,624 square feet. The community’s amenities include a fitness center, clubhouse, children’s playground, car care center, two outdoor pools, tennis courts, laundry facilities and grilling areas. Avia at North Springs is 92.8 percent occupied, according to Yardi Matrix data.
Located at 7150 W. Peachtree Dunwoody Road in the Sandy Springs suburb of Atlanta, the community is directly adjacent to GA-400, which links to Buckhead, Ga., and midtown Atlanta. Avia at North Springs also has a private walking trail that leads directly to the MARTA North Springs Station.
TS Communities is planning a strategic renovation program for Avia at North Springs, which will be rebranded as “Randolph Perimeter”. The program includes modernizing and upgrading most existing units once they are vacant and upgrading common amenities. Once renovations are completed, the community will include an upgraded fitness center, a pickleball court, an outdoor television lounge with an entertainment space and poolside lounge areas.
Diversifying markets and sectors
Tishman Speyer has been looking to diversify its portfolio and had made three previous investments in metro Atlanta before this deal, developing the Three Alliance Center, Colony Square and Midtown Plaza properties.
The Randolph Perimeter project is TS Communities’ first workforce housing acquisition and investment made outside of New York City. The platform is developing rent-restricted affordable housing developments in the Bronx and Queens, including the second building of Edgemere Commons that TS Communities broke ground on in July.
