Tishman Speyer announced the acquisition of Avia at North Springs, a workforce housing community in Sandy Springs.
Tishman Speyer purchased the 502-unit residential community, which will be renamed Randolph Perimeter, via its TS Communities platform, according to a news release. Launched in 2021, TS Communities addresses the national affordability crisis by creating and preserving affordable and workforce housing at scale in undersupplied neighborhoods across the nation.
“With its diverse economy, strong existing infrastructure and growing population, the entire Atlanta region is in need of meaningful additional investments to preserve quality workforce housing,” Tishman Speyer Managing Director Ty Barnes said in the release. “Randolph Perimeter presents a rare opportunity to support a residential community catering to working-class families within an established neighborhood featuring great schools, excellent transportation and a wealth of dining, retail and entertainment options.”
The community has a private walking trail leading to the MARTA North Springs Station and is directly adjacent to GA-400. Randolph Perimeter is located two miles from the Central Perimeter, Atlanta’s largest employment hub with more than 120,000 workers across a diverse array of industries including healthcare, financial services, technology and telecommunications.
Apartments at Randolph Perimeter, which was constructed in two phases between 1989 and 1996, range in size from studios to three bedrooms. The community has a clubhouse, two outdoor pools, tennis courts and a children’s playground. Wooded hiking trails are found throughout the 18.6-acre property, which also has a boardwalk overlooking a nature preserve.
Most existing units will be modernized and upgraded gradually after natural vacancy. New amenities will include a fitness center, pickleball court, poolside lounge areas and an outdoor TV lounge with entertainment/gaming space.
Randolph Perimeter is TS Communities’ first workforce housing acquisition and first investment outside of New York City.
Tishman Speyer has made three previous investments in Atlanta, including the development of Three Alliance Center in Buckhead, which sold for a record price per square foot in 2018. Other Tishman Speyer holdings in Atlanta included Colony Square and Midtown Plaza.