March 2, 2012
Post Biltmore apartment building sold for $51 million
The Post Biltmore apartment building, located at 855 West Peachtree Road, has been sold for $51 million.
The buyers, Mesirow Financial, have renamed the building Biltmore at Midtown, according to a story on the sale in the Atlanta Business Chronicle. The Biz Chron story says the 276-unit building is 97 percent occupied and fetches an average rent of $1,300 a unit.
The Midtown property, which is adjacent to the historic Biltmore Hotel, has studio, one and two-bedroom loft and garden style apartments. In addition, there’s a courtyard fountain, a rooftop terrace and a fitness center.
The new owners completed the acquisition on February 28 and “will likely spend up to $8,000 a unit to position the building for greater rent growth in Midtown, where one new apartment tower is under way and another is supposed to begin construction this year,” the Biz Chron story states.