37th Parallel Properties Investment Group, a privately held Richmond, Va.–based multifamily real estate investment firm, has acquired Park on Clairmont in Atlanta.
The acquisition marks the firm’s entry into Atlanta, which is a global business hub and serves as the economic capital of the Southeast, ranking fourth in the nation for Fortune 1000 headquarters.
The property is located inside the perimeter and benefits from its proximity to some of Atlanta's strongest economic centers, including Buckhead (115,000-plus jobs), Century Center (2 million square feet of office space), Emory/CDC (40,000-plus jobs), and Midtown (95,000-plus jobs). An emerging medical district representing $2.5 billion in investment is also under way two miles south of the asset.
“Through this acquisition, 37th Parallel gains a high-quality asset with substantial upside in a rapidly improving commercial, entertainment, and medical district,” said Dan Chamberlain, managing partner and COO of 37th Parallel. “The asset and its location in the North Atlanta submarket — where demand remains high, new supply is muted, and vacancy is at the lowest level in the metro area — are ideal for our value-add investment approach. With in-place rents more than 15 percent below its competitive set, this was a particularly attractive acquisition with clear in-place value. We are eager to enter this dynamic market at a time of continued growth for our firm.”
Founded in 2008, 37th Parallel has acquired and managed over 4,500 units and completed transactions totaling $495 million across the Southeast and Texas on behalf of high net worth, family office, and institutional investors.