TruAmerica Multifamily’s purchase of Bricks at Perimeter Center brings its Atlanta holdings to 3,374 apartments and shows where capital is concentrating in the metro: newer properties with strong employment access and limited nearby construction. That preference says as much about buyers’ tolerance for risk as it does about Atlanta’s growth. A property with an established location and room for upgrades can look easier to underwrite than an older community facing maintenance needs or a crowded pipeline. The numbers here are underwhelming as a measure of the entire market: one transaction can’t establish a metro-wide trend. But the bidding activity offers a useful snapshot of what this buyer was seeking.
The firm acquired the 446-unit, garden-style community in Dunwoody from Atlanta-based Clark Ventures, according to Julien Lipps, TruAmerica’s director of Southeast acquisitions. Gables Residential built the property in 2007, placing it between new construction and older housing stock. TruAmerica announced the deal Oct. 15. That timing and the property’s age help frame the purchase as an effort to upgrade an existing community rather than bring a newly built one to market.
Relationships shaped the sale
The acquisition came through an existing relationship between the firms, which gave TruAmerica a route to the opportunity before the process had run its course. TruAmerica bought a property in Atlanta’s Buckhead area earlier this year; Clark Ventures owner Jordan Clark was part of that ownership group and had been with Gables when Bricks at Perimeter Center was developed. That shared history connected the buyer and seller to both the earlier asset and the property now being sold. In transactions like this, familiarity can help a buyer understand a property’s history, though it doesn’t remove the need to judge the asset on its current condition and prospects.
During the Buckhead transaction, TruAmerica told Clark Ventures it was looking for additional assets for its discretionary fund. CBRE Vice Chairman Kevin Geiger facilitated the sale. Lipps said TruAmerica secured Bricks before its marketing process had concluded, after the property had drawn 40 to 50 tours. The seller had expected 25 to 30 bids. That gap suggests the response exceeded the seller’s expectations, though tours and anticipated bids aren’t the same as completed offers or a final sale price. The detail still matters: a crowded field can give a seller confidence in demand, while buyers have to decide whether the asset’s condition and location justify competing.
That level of interest fits a widening split in Sun Belt multifamily, Lipps said. Newer Class A properties in supply-constrained areas with solid employment bases are drawing multiple bidders, while older properties with deferred maintenance and weaker locations are harder to sell. “The majority of the capital that is investing in multifamily in this turbulent environment is really all congregating in the same type of asset profile,” he told Multifamily Dive. Here’s the thing: Bricks isn’t new, but the buyer appears to see a combination of established access and renovation potential that can put it in competition with newer offerings. The distinction is more significant than it looks. Buyers aren’t simply choosing between new and old; they’re weighing how much work an older property needs against the location and resident experience it can offer.
Renovations target units and shared space
Bricks offers studio through three-bedroom apartments, averaging about 926 square feet. Lipps pointed to its distinctive construction, elevator-served buildings and penthouse apartments with ceilings ranging from 15 to 20 feet. Those features give the community physical qualities that a renovation can’t easily add to a standard floor plan. They may also help it stand apart from nearby options, although the source doesn’t provide rent or occupancy figures to show how much residents value them.
TruAmerica plans to renovate 442 of the 446 apartments. Work will include quartz countertops, stainless-steel appliances, new flooring, and updated cabinetry and hardware. The scale matters: the plan covers nearly the whole community, so the refreshed interiors are intended to shape the property’s offer broadly rather than improve only a small set of units. The community also has four courtyards, two with lake-like water features. Lipps sees room to refresh the amenities and strengthen the resident experience. And yet, upgrades alone don’t guarantee that a property will outperform newer competitors; their effect depends on how well the finished apartments and shared spaces match what residents in the submarket want.
The former leasing office now sits unused as a clubhouse. TruAmerica plans to convert the space into a co-working area with offices, rentable conference rooms and resident lounges. Lipps said the plan responds to Atlanta’s large work-from-home population and competition from newer Class A properties in the submarket. The proposed mix recognizes that residents may want more than a place to sit with a laptop: private offices and meeting rooms give the space several possible uses. (And this is the part most people overlook.) Repurposing a room that’s already part of the property can also give an existing community a new amenity without relying solely on apartment interiors to distinguish it.
Dunwoody supply remains limited
TruAmerica said no new apartments are under construction in Dunwoody, with 321 units scheduled for delivery across the broader submarket in 2027. Those figures describe a specific window and geography; they don’t establish that supply will stay limited indefinitely. Still, the contrast between no units under construction in Dunwoody and planned deliveries elsewhere in the broader submarket gives buyers a reason to look closely at where competing apartments are located and when they’re expected. Bricks also connects residents to major employers in the Perimeter Center business district, Perimeter Mall, retail and dining, Interstate 285 and MARTA. That mix can make location a practical selling point for residents with different commutes and routines, though the article doesn’t establish how many residents use any one connection.
Lipps characterized the acquisition as a high-quality property with strong demographics and employment access. The firm’s renovation program will update most of the units and repurpose the former leasing office, positioning the 2007 community to compete for residents as limited new supply comes to the submarket. If you’re working in this space, the deal’s useful signal is the combination: a buyer found value in an established property, a large planned renovation and access to employment and transit. The plans remain plans until the work is completed, and the source offers no budget, schedule or performance figures with which to assess the investment. For now, the transaction shows what TruAmerica is willing to pursue in Atlanta—and what it believes residents may respond to.
