California-based real estate investor Goldrich Kest has closed on the purchase of Novel Midtown. This is the company’s third apartment property in Atlanta.
Crescent Communities constructed the luxury 340-unit, 14-story tower in 2022. It’s located in the heart of Midtown across the street from a Whole Foods and just a few blocks from the Arts Center and a MARTA station.
Novel Midtown has studio, one-bedroom, two-bedroom and three-bedroom residences. Amenities include a 3,000-square-foot fitness center, infinity glass-edged swimming pool, top-floor sky deck, outdoor kitchen, private conference rooms and co-working spaces, and a dog park/pet spa. There is a Land of a Thousand Hills Coffee in the ground-floor retail space.
“We are excited to be part of the thriving and dynamic Atlanta metropolitan area and to offer those seeking a luxurious and ultra-convenient lifestyle with the best the city has to offer,” said Goldrich Kest Managing Director of Investments Richard Hawthorne, who notes that housing is in particular demand given the general growth dynamics in the Midtown sub-market.
Goldrich Kest has a portfolio of residential, commercial, industrial and retail projects, including 110 apartment buildings with 13,226 units, five marinas, 21 senior living facilities with 3,965 beds, and more than 6 million square feet of commercial, industrial and retail space throughout the U.S. Over half of its apartment buildings accommodate low-income families.