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Ponce City Market (PCM) Developer Jamestown LP Tuesday acquired Gables Rock Springs, according to a report from the Atlanta Business Chronicle (ABC) Thursday (paywall). Reps for Jamestown did not immediately respond to What Now Atlanta’s request for comment.
The real estate firm paid $145 million for the 558-unit apartment community, or nearly $260,000 per residence — “one of the largest single multifamily deals in the city this year,” according to the ABC.
While it’s the first multifamily acquisition for Jamestown in the local market, the company already has and is continuing to build its multifamily presence in Atlanta. Currently, Jamestown operates 259 apartments in PCM and earlier this year announced plans to bring a new multifamily concept to the Old Fourth Ward development as part of the mixed-use project’s next phase.