A Chicago-based apartment owner and operator is expanding its Atlanta portfolio.
An Equity Residential affiliate has acquired Sandy Springs apartment complex The Bishop for $108 million, Atlanta Business Chronicle first reported.
The Bishop is a 425-unit rental community with studio, one- and two-bedroom floor plans. Rents range from $1,449 for a studio to just over $2,000 for a two-bedroom.
An affiliate of Blackstone was the seller. Equity Residential announced earlier this month that they would be acquiring 11 apartment properties from Blackstone, totaling 3,572 apartment units located in Atlanta, Dallas/Fort Worth and Denver. Of those units, 1,357 are in the Atlanta market, across four properties. It’s not yet clear if The Bishop is one of these properties, or if this transaction if separate.
Equity Residential also recently added the Iris O4W Apartments in the Old Fourth Ward to its portfolio.
