A Peachtree Road high-rise that defined luxury rental living in Atlanta when it debuted in 2009 has changed hands for a second time.
Los Angeles-based TruAmerica Multifamily has acquired The Tower on Piedmont (formerly the 05 Buckhead tower) at 3242 Peachtree Road NW in central Buckhead. The 20-story building counts 155 apartments, and the purchase price wasn't disclosed.
TruAmerica officials say the acquisition continues a strategy of adding well-located apartment properties where demand for rental housing outpaces supply. The Buckhead purchase grows TruAmerica's Atlanta portfolio to roughly 3,000 units owned and managed.
Coro Realty originally developed the building as the first residential component of Buckhead Place, a mixed-use district spanning about 12 acres. Unique aspects at the time included two-story penthouses, rooftop amenity decks, and a "white glove, ultra-luxury" approach. Upgrades are planned under the new ownership.
