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272 Units — Atlanta Metro

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Veridian at Sandy Springs

Units: 272
Year built: 1980
Location: Sandy Springs, GA
Acquired: January 2021
Purchase price: $42.9M
1031 exchanges: 9
Equity invested: $16.5M
CapEx budget: $2.3M

Investment Highlights

Constructed in 1980, Veridian is a 272-unit garden-style apartment community situated within Atlanta's affluent Fulton submarket. Sandy Springs boasts one of Atlanta's largest employment bases and corporate office markets. High household incomes of $128K and 79% professional employment within a 5-mile radius of the property (CoStar, Nov 2020) support a great deal of upside potential.

The property presents an outstanding opportunity to own in a high-barriers submarket with limited new supply. Sandy Springs’ opposition to new multifamily development has reduced the construction pipeline, creating limited supply that drives significant rent increases.

Veridian underwent a $5 million renovation program with prior ownership in 2014, elevating the asset to compete with newer assets.

This is the tenth multifamily project that IMG has acquired in the Atlanta metro. IMG has purchased 2,500 units in Georgia since late 2013, totaling $233 million in acquisitions across Lawrenceville, Duluth, Marietta, Sandy Springs and Buckhead.