National investment, development, and asset management firm PMG announced Monday it has acquired 811 Peachtree St. N.E. to develop Society Atlanta, a 460-unit mixed-use project within the firm’s Society Living multifamily platform.
The 33-story development is a joint venture between PMG and Toronto-based private equity and asset management firm Greybrook Realty Partners. The transaction was brokered by Mark Lindenbaum of Jones Lang LaSalle.
“As a proud graduate of Emory University, along with several PMG executives, we’re thrilled to expand our southeastern presence to the Georgia market with Society Atlanta,” Ryan Shear, Managing Partner at PMG, said in Monday’s announcement. “Our team is confident that this project’s focus on fostering meaningful growth and connections among residents and local organizations will be a welcome addition to Midtown Atlanta’s thriving neighborhood. The area is growing rapidly with exciting restaurants and entertainment venues, plus a string of recent high-profile office announcements. We look forward to being part of Midtown’s evolution and providing an inspiring living experience where many of us started our careers.”
Designed by Atlanta architecture firm Cooper Carry, Society Atlanta will feature 70,000 square feet of office space and 16,000 square feet of retail space.
The development will include a blend of traditional units and “Rent-by-Bedroom” (co-living) options. Slated for delivery in Q1 2024, amenities at Society Atlanta will include a pool deck, fitness center, co-working facilities, and more.
Society Atlanta will continue the expansion of PMG’s national Society Living portfolio, which was “created to address [the] insatiable demand for reasonable rents close to urban centers, where modern neighbors can connect and thrive together,” according to the announcement.
Existing Society Living developments include Society Las Olas in Downtown Fort Lauderdale, Florida, which opened in May 2020; Society Biscayne in Downtown Miami, slated to open in early 2022; Society Orlando, under construction in Downtown Orlando; and Society Wynwood, under construction in Miami’s Wynwood Arts District.
Over 8,500 units are planned nationally including additional developments in Brooklyn, Denver, and Nashville.
Founded in 1991, Miami and New York-based PMG’s current nationwide portfolio includes projects across pre-development, construction, lease-up, and sell out, totaling several billion in assets and over 16 million square feet of development.