JUNE 8, 2022
ASB and RPM Living Acquire 680-Unit Atlanta Apartment Complex
Atlanta, GA — ASB Real Estate Investments (ASB) announced today the acquisition of The Residences at Vinings Mountain, a 680-unit multifamily community located in the Vinings neighborhood of Atlanta – one of the city’s most desirable residential nodes. In a joint venture with RPM Living Investments (RPM Living), ASB made the investment on behalf of its Allegiance Real Estate Fund, a $8.8 billion core vehicle.
The garden-style apartment complex, which is 94% leased, features 34 residential buildings built across 53.5 acres in three distinct communities each with its own pool, clubhouse, and fitness center. All of its one-, two- and three-bedroom residences include an oversized balcony or porch and walk-in closets. Many units feature fireplaces and select units feature 13-foot vaulted ceilings.
Mary Murphy, ASB Senior Vice President, said: “The Residences at Vinings Mountain acquisition fits within ASB’s workforce housing strategy to expand apartment investments into dynamic, high-growth markets where supply of attractive rental housing has lagged growing tenant demand and where for-sale home prices have escalated. Vinings is one of Atlanta’s most desirable and affluent neighborhoods located inside the Perimeter with convenient access to I-285 and I-75. We believe the submarket has become one of Atlanta’s most desirable destinations for young professionals due to the high concentration of nearby lifestyle amenities and relative affordability compared to Buckhead and Midtown.”
ASB has $2.4 billion in apartment investments, comprising 5,846 units, located in major metropolitan areas across the U.S. Since 2019 the company has made significant workforce housing acquisitions in Austin and Raleigh as well as in Orange County and the Inland Empire in California.
The joint venture is ASB’s first with RPM Living, the nation’s 7th largest apartment manager with 112,000 units under management. RPM acquired roughly 3,600 multifamily units in 2021 totaling a gross value of over $800 million during the same period. Last years’ transactions included 13 communities located throughout 6 different cities across the sunbelt region and into both Texas and Arizona. RPM Living Investments now owns a portfolio with a market value of roughly $3 billion, primarily consisting of properties in the rapidly growing south and southeast.
About ASB Real Estate Investments
ASB Real Estate Investments (ASB), a division of ASB Capital Management, LLC, is a leading U.S. real estate investment management firm with more than $9.5 billion* in gross assets under management for over 320 institutional clients. Headquartered in the Washington DC area, ASB invests in major U.S. markets, concentrating in office, multifamily, retail, industrial and self-storage properties and employs core, value add and development strategies for its clients.
*as of March 31, 2022
The portfolio investments described herein are not representative of all ASB portfolio investments. It should not be assumed that other portfolio investments will have the same or similar characteristics. There can be no assurance that any such trends will continue. The information provided in the release does not constitute an offer to sell or buy securities or the solicitation of an offer to sell or buy securities. ASB Allegiance Real Estate Fund is a registered mark in the U.S. Patent and Trademark Office.