Audubon Capital has acquired the Crest at Midtown apartment community in Midtown Atlanta through a transfer of ownership from Liquid Capital Real Estate Investment. Instead of the property going through a foreclosure process, Audubon Capital assumed the remaining unpaid balance on the existing loan and the asset was sold outright. The structure allowed control of the property to change hands while avoiding a formal foreclosure, underscoring the property’s distressed status.
According to prior reporting cited from the Atlanta Business Chronicle, affiliates of Liquid Capital originally purchased the Crest at Midtown in November 2021 for $85.2 million. At that time, Berkshire Residential Investments provided a $70.9 million loan to finance the acquisition. The current transaction details, including what Audubon Capital paid to cover the unpaid balance and any adjustments to the existing debt, were not disclosed in the source material.
Crest at Midtown is a 322-unit multifamily community developed by Equity Residential and completed in 2001. The property offers one- and two-bedroom rental floor plans, providing a range of layouts within a single residential format. It is located at 215 North Ave. in Midtown Atlanta, approximately one mile west of Ponce City Market, positioning it near one of the city’s most notable mixed-use destinations.
The ownership transfer marks a significant change for a property that traded at a substantial price point shortly before market conditions turned more challenging for some multifamily owners. While the article does not specify current occupancy, financial performance, or renovation plans, the characterization of the asset as distressed and the decision to transfer ownership via assumption of the unpaid loan balance rather than foreclosure indicate pressure on the prior capital stack.
Liquid Capital’s recent history in Atlanta multifamily is also highlighted. In 2024, the firm relinquished ownership of the 212-unit Optimist Lofts community, which fronts Piedmont Road in Buckhead. The source text does not provide financial details for that disposition, but the back-to-back loss of control at Crest at Midtown and Optimist Lofts suggests a pattern of challenges for Liquid Capital’s holdings in the Atlanta apartment market.
Equity Residential’s role in the story is confined to its function as the original developer of Crest at Midtown, with no indication it maintains an ownership or operational interest today. Berkshire Residential Investments is identified as the lender on the 2021 acquisition financing, but any changes to its position, including whether the current transfer involved loan modifications, paydowns, or other terms, were not disclosed.
Overall, the transaction places Audubon Capital in control of a sizable, early-2000s vintage apartment asset in Midtown Atlanta, acquired through a distressed but non-foreclosure process. The deal illustrates how some multifamily properties are trading hands via negotiated workouts rather than traditional marketed sales or lender-driven foreclosures, even as detailed pricing and capital structure information remain private.
