Hilltop Residential announced today the acquisition of 1160 Hammond, a 345-unit, Class A mid-rise multifamily community located in Atlanta, Georgia. Built in 2014, the property is situated within the Sandy Springs submarket, offering immediate access to GA-400, I-285, highly rated public schools, and one of the region's largest employment hubs, home to companies including Cox Enterprises, UPS, Mercedes-Benz USA, and State Farm.
Hilltop acquired the asset at an attractive basis of approximately 25% below estimated replacement cost and 20% below the seller's 2021 acquisition basis. The business plan includes transitioning the community to Hilltop's in-house property management platform while executing a comprehensive renovation program across unit interiors, common areas, signage, and outdoor amenities.
"What stood out to us about 1160 Hammond was the combination of an irreplaceable location and significant operational upside," said David Wylie, Managing Partner at Hilltop Residential. "We believe a targeted renovation program combined with our hands-on management approach will unlock meaningful value while further enhancing the resident experience."
Located at the intersection of Atlanta’s most desirable submarkets (Sandy Springs, Dunwoody, Brookhaven, and Buckhead), 1160 Hammond is well positioned to benefit from continued demand for well-located Class A properties in Atlanta.
About Hilltop Residential
Headquartered in Houston, Hilltop Residential is a vertically integrated multifamily real estate investment and management company. Since its inception in 2017, Hilltop Residential has acquired 60 apartment communities and currently owns and manages 46 apartment communities totaling 13,068 units. Hilltop is a certified Great Place to Work (2019-2026).