Equity Residential Shells Out $108M for Atlanta Apartment Asset

Equity Residential paid $108 million for a 425-unit Sandy Springs apartment complex. The multifamily community, The Bishop, was sold by a Blackstone affiliate. This transaction follows Equity Residential’s paying close to $1 billion for an apartment portfolio that included four projects from Atlanta.

The Atlanta Business Chronicle reported that Equity Residential is focused on buying newly built properties in expansion markets, including Atlanta, Austin, Dallas and Denver. At the end of last year, Equity Residential owned seven properties in Atlanta totaling about 2,100 units.

In July, Equity Residential bought a 319-unit apartment project in Old Fourth Ward for $126 million, the largest multifamily transaction in Atlanta this year. 

Rangewater developed The Bishop. The apartment complex opened in 2019.

Rents at The Bishop start at almost $1,450 for a studio, about $1,500 for a one-bedroom and $1,900 for a two-bedroom.