The Atlanta Braves’ development arm has sold three apartment buildings in The Battery Atlanta to Cortland, an Atlanta-based multifamily real estate firm.
The Battery is the mixed-use development of apartments, retail and restaurants anchored by SunTrust Park, home of the Atlanta Braves.
According to a statement released by Cortland Wednesday, the company will take over ownership and management of the 531-unit complex and change its name to Cortland at the Battery Atlanta.
“Through this acquisition, Cortland gains a core asset in a rapidly densifying commercial and entertainment district,” the statement said, citing the “unique opportunity for increasing brand awareness.”
More than 92 percent of the apartments have been leased, the statement said.
The sale price of $293,000 per unit is lower than what Pollack Shores, the developer, had expected, but still represents one of the most expensive recent sales in the metro area.
“It definitely is high,” said Alan Wexler, the CEO of Databank Atlanta.
Wexler said the price was justified by high rents Cortland can expect to collect, and the potential resale value of the property. But, he warned, those projections are based on assumptions made at the height of the market.
“It’s a good investment but when they have to face an economic correction they have to delay when they were going to resell it,” Wexler said.