Novare Sells Last SkyHouse With $83M Atlanta Sale

Novare Group is officially exiting the SkyHouse business.

The Atlanta-based developer sold SkyHouse Buckhead, the last apartment building in its portfolio, to UBS Realty Investors for $83.4 million, according to Fulton County property records. The Atlanta Business Chronicle reported that the Feb. 10 deal closes the loop on a decade-long run for the high-rise multifamily brand that dotted Southern skylines throughout the 2010s.

The 26-story SkyHouse Buckhead building has 362 units at 3390 Stratford Road NE, steps from Marta’s Buckhead station. Novare completed the tower in 2015 alongside Ackerman & Company, NGI Investments and Batson-Cook Development Company. UBS Global Asset Management provided construction and permanent financing at the time, REBusiness reported. The sale equates to $230,387 per unit.

Novare CEO Jim Borders said in a statement that the SkyHouse program is one of the most successful multifamily development programs in the Southeast.

Fulton County assessed the property at $76 million this year, down from $94 million in 2020, reflecting the broader repricing that has rippled across Sun Belt multifamily projects since interest rates spiked, according to the Business Chronicle.

SkyHouse became a recognizable prototype: glassy, Class A towers with 300-plus units, rooftop pools and clubby amenities in urban cores from Midtown Atlanta to Nashville, Orlando, Houston and Denver. The Buckhead sale effectively marks the end of Novare’s ownership stake in a brand that once symbolized Atlanta’s vertical apartment boom.

The trade also lands during a flurry of recent multifamily deals in metro Atlanta, as buyers wade back into the market after rate cuts loosened capital markets. This month, DWS Asset Management paid $72.2 million for the 275-unit Revel Ballpark building near The Battery, while an affiliate of Goldman Sachs shelled out more than $90 million for apartments at 92 West Paces Ferry Road in Buckhead, according to the outlet.

Investor appetite appears to be strengthening, as according to CBRE’s 2026 North American Investor Intentions Survey, Atlanta ranked as the second-most popular U.S. investment target behind Dallas-Fort Worth, with nearly three-quarters of respondents naming multifamily as their top project class.

— Eric Weilbacher