Investment Highlights
Prato at Midtown represents TruAmerica’s first acquisition in the Atlanta MSA. The Property has an urban infill location in Atlanta’s Old Fourth Ward, one of the fastest growing neighborhoods in the city. Atlanta consistently ranks among the nation’s leading MSAs in job growth and market rent growth, in large part due to major employers moving or creating jobs in Midtown and the continued talent coming out of nearby Georgia Tech. Prato at Midtown represents an opportunity to complete the value-add upgrades begun under previous ownership and make selective upgrades to the previously renovated 280 units. This provides an opportunity to renovate to a more modern finish level and achieve strong renovation premiums. TruAmerica also plans to enhance the community spaces by extending and renovating the fitness center, enhancing the bocce court area and patio, and enhancing the outdoor seating.
Property Highlights
Prato at Midtown is a 342-unit property located in the heart of Atlanta, GA in the Old Fourth Ward neighborhood. The Property was built in two phases in 1991 and 1993 and consists of 7 two-story and three-story residential buildings on 11 acres, providing an attractive low-density setting in an urban environment. The asset features an attractive unit mix of one-bedroom, two-bedroom, and three-bedroom homes with floorplans averaging 914 square feet. The apartments feature walk-in closets as well as vaulted ceilings, washers and dryers, and ceiling fans in select homes.
Prato at Midtown benefits from a prime location approximately one mile west of Ponce City Market, a 2.1 million SF adaptive reuse of the former Sears, Roebuck building into a mixed-use project with a food hall, national and local retail offerings, office space, and luxury apartments. Ponce City Market is also located along the Beltline, a 33-mile multi-use trail on a former railway corridor that encircles the city of Atlanta. Outside of the ample retail offerings at Ponce City Market, the Property is two blocks south of a Publix and a Walgreens, providing access to non-discretionary shopping. In the immediate area, both WellStar Atlanta Medical Center and Emory Hospital Midtown are within blocks of the Property. These two medical centers employ 2,500 and 3,000 healthcare professionals, respectively. The only other intown hospital, Grady Memorial, is located just one mile south. Grady Memorial has 5,000 employees and is the 5th largest public hospital in the US. Overall, Midtown Atlanta is home to over 90,000 jobs, with major employers including Georgia Pacific (headquarters), AT&T, and the Federal Reserve.
Community Amenities
