Perseus Realty Partners has formed a joint venture with Atlanta-based Hathaway Properties to develop a luxury multifamily complex, the firm’s first investment on behalf of its PRP II fund.
The 306-unit, class A “garden-style” multifamily property, Ansley at Princeton Lakes, located in Atlanta, Georgia, will take advantage of the “strong demographic fundamentals of the South Fulton County market where there is limited competition in the class A apartment space,” according to the firm. The property is close to downtown Atlanta and is adjacent to a 1.2 million-square-foot retail center.
The development represents an “outstanding opportunity to take advantage of the strong potential in the underserved local class A apartment market,” PRP president Paul Dougherty said in a statement, adding that the investment’s “risk/reward profile fits well with the portfolio we plan to assemble for our new fund.”
Perseus’ PRP II fund targets “undervalued and mispriced” opportunities with a focus on properties “in financial distress owing to over-leverage” as well as senior and student housing and the acquisition and development of multifamily and industrial properties.