TruAmerica Multifamily paid $120.5 million for Bricks at Perimeter Center, a 446-unit apartment community in Dunwoody, with plans to renovate nearly every unit.

The Los Angeles-based firm acquired the property at 302 Perimeter Center North from Atlanta-based Clark Ventures. Bisnow reported the price in an Oct. 20 update, citing property-transfer tax records. The Atlanta Business Chronicle also reported the price Nov. 2.

Renovations planned

TruAmerica identified 442 apartments for potential renovation. Planned finishes include quartz countertops, stainless-steel appliances, new flooring and updated cabinetry and hardware, according to a company announcement published by Yield PRO.

Built in 2007, the community offers studios through three-bedroom apartments, with floor plans averaging approximately 926 square feet.

The acquisition brings TruAmerica’s Atlanta-area holdings to 3,374 apartments and helped push its 2026 acquisition volume above $1 billion, the company said.

Clubhouse conversion

The company also plans to turn an unused clubhouse into a co-working space with conference rooms and resident lounge areas, Multifamily Dive reported.

Julien Lipps, TruAmerica’s director of acquisitions for the Southeast, told the publication that demand from residents working from home helped make that amenity a priority.

Lipps also described four courtyards at the property, including two with water features, as opportunities for amenity improvements.

Limited construction pipeline

At the time of its October announcement, TruAmerica said no new multifamily units were under construction within Dunwoody. It reported 321 units scheduled for delivery across the broader Perimeter Center submarket in 2027.

Wes LaBar, the firm’s head of national acquisitions, said the property was purchased at a discount to replacement cost. The company did not quantify that discount.

The community is near Perimeter Center employers, shopping and dining, with access to Interstate 285, Georgia 400 and MARTA.

How the deal came together

Lipps told Multifamily Dive that the property attracted 40 to 50 tours before TruAmerica secured an agreement ahead of the marketing process’s completion.

An existing relationship with Clark Ventures helped facilitate the purchase, he said. CBRE Vice Chairman Kevin Geiger arranged the transaction.

TruAmerica owns and operates more than 67,000 apartments across 20 states, according to its announcement.