Private equity firm Blackstone, Inc. has acquired the 473-unit Ellington Midtown apartment buildings for $133 million. An affiliate of Goldman Sachs Asset Management sold the property and Blackstone assumed more than $65 million in mortgage loans.
Midtown Atlanta is a retail, entertainment, and tech employment hub that makes it an attractive area for real estate development; currently there are 4,000 units under construction with new unit rent averaging at $2.64 – the highest within Atlanta’s city limits – making Ellington Midtown’s location adjacent to mixed-use development Atlantic Station even more desirable due to its office spaces, high‐end retail stores and entertainment options available nearby.
Atlanta apartment occupancy rates remain stable at almost 95 percent as rental market strength increases due to rising mortgage interest rates and home prices limiting buyers’ pool of choices in purchasing homes or properties instead of renting them out . To further enhance residents’ experience living in Ellington Midtown apartments , Blackstone plans on investing significantly into community upgrades such as common areas , unit interiors , swimming pool areas , fitness center etc., which is currently 94% occupied .
