Goldman Sachs Affiliate Pays $91M for Buckhead Apartments

New York investors just made a pricey bet in Atlanta’s Buckhead neighborhood.

An affiliate of Goldman Sachs paid $90.8 million for the 210-unit apartment building at 92 West Paces Ferry Road, according to a Fulton County deed. The seller was an affiliate of Chicago-based Mesirow, the Atlanta Business Chronicle reported. No mortgage was recorded, suggesting the deal was all cash.

At roughly $432,000 per unit, the trade of the building — dubbed 92 West Paces — ranks among metro Atlanta’s priciest multifamily sales in recent years, according to the outlet. The nine-story building sits on 2.4 acres within the Buckhead Plaza development, close to Buckhead Village.

Built in 2012 by Preserve Properties, the building offers one-, two- and three-bedroom units and was recently renovated by Minnesota-based contractor Renova One, which updated common areas, lighting and finishes.

The purchase appears to have been made through Exchange Place All Cap II REIT, a pooled investment vehicle that has raised at least $3.2 billion since its 2024 launch, according to Securities and Exchange Commission filings. Goldman declined to comment.

The apartment building last traded for $71.5 million in 2020 and for $73.2 million in 2014, property records show. The latest sale price reflects both post-pandemic rent growth in Buckhead and the premium investors are willing to pay for irreplaceable locations near trophy retail and hospitality.

The building is adjacent to The St. Regis Atlanta and close to Kolter Urban’s planned 20-story condo development at 102 West Paces Ferry Road. Nearby, Cousins Properties owns One and Two Buckhead Plaza and the standalone building housing Chops Lobster Bar.

Buckhead’s development pipeline remains active. According to the publication, construction is underway on Veridian Buckhead, a condo tower at 119 Pharr Road led by Dezhu U.S., while roughly 400 luxury apartments have been proposed at 321 Pharr Road by Tidal Real Estate Partners, though demolition has yet to begin.

Elsewhere in the submarket, the 52-unit Pharr Court Condominiums sold in December for $10.7 million to entities tied to Atlanta investor Todd Robinson.— Eric Weilbacher