TruAmerica Multifamily has expanded its Atlanta presence with the acquisition of Bricks at Perimeter Center, a 446-unit garden-style apartment community in the city’s Perimeter Center submarket. The firm purchased the property for $120 million from Clark Ventures, which previously acquired the asset in 2016 for $69.5 million.
The community was originally built in 2007 and consists of garden-style residential buildings that align with the broader multifamily profile of the Perimeter Center area. While specific unit layouts and common-area features were not detailed, the existing construction quality was highlighted by TruAmerica as a key factor in the company’s interest in the property.
As part of its business plan, TruAmerica intends to undertake a broad renovation program that will touch nearly all of the apartments in the complex. Planned interior upgrades include the introduction of a premium finish package with quartz countertops, stainless steel appliances, new flooring, and updated cabinetry and hardware. The work is aimed at modernizing the units and repositioning the property within the competitive set of rental options in Perimeter Center.
Commenting on the acquisition strategy, TruAmerica’s Wes LaBar said that Bricks at Perimeter Center reflects the type of opportunity the firm continues to pursue. He cited the community’s high-quality construction, its location in what he described as a supply-constrained submarket, and the ability to purchase the asset at a meaningful discount to estimated replacement cost, along with a clearly defined path to create additional value through upgrades.
The purchase marks a further step in TruAmerica’s broader expansion in the Atlanta area. With this transaction, the company’s footprint in the market grows to 3,374 multifamily units. In addition, the acquisition helps TruAmerica surpass $1 billion in total acquisition volume for 2026, underscoring the firm’s ongoing commitment to scaling its multifamily portfolio during the year.
Clark Ventures, the seller in the transaction, had acquired Bricks at Perimeter Center for $69.5 million in 2016, and the resale at $120 million reflects the property’s performance and investor demand for well-located multifamily assets in established suburban employment corridors such as Perimeter Center. Specific operating metrics, such as current occupancy, in-place rents, or net operating income, were not disclosed.
Kevin Geiger of CBRE brokered the sale. No information was provided on how the acquisition was financed, and the parties did not disclose any debt terms, lender participation, or capitalization details associated with the transaction. Additional information regarding TruAmerica’s renovation timeline, budget, or targeted rent levels after improvements was also not included in the published details.
