A Miami-based real estate investment firm has entered the Atlanta market by purchasing a well-known, recently renovated Buckhead building that’s described as offering a luxury lifestyle at relatively affordable prices.
Westside Capital Group has purchased The Lofts at Twenty25—a 16-story landmark on Peachtree Road known for decades as the Darlington apartments—for $136 million, or roughly $218,000 per unit, according to company heads.
The residential tower was built in 1951 and fully renovated last year to offer what Westside officials call an “upscale, experiential living experience” near the junction of Buckhead and Midtown, plus several thousand medical jobs. Rents are relatively low by Buckhead standards, but floorplans could seem tight for space-loving Atlantans.
“We believe in the Atlanta market, and in particular Buckhead and Midtown as urban walkable centers that have become top gateway submarkets with great employment options, various urban amenities, and walkability,” Jakub Hejl, Westside’s founder and president, said in a recent acquisition announcement. “The Lofts at Twenty25 is a unique multifamily asset that will offer a luxury lifestyle at relatively affordable rents compared to other alternatives in the marketplace.”
According to the building’s website, rents at The Lofts at Twenty25 now start at $945 monthly for 450-square-foot apartments. (That’s about $100 more expensive than rents posted a year ago.) On the higher end, 600-square-foot options top out at $1,875.
All apartments in the 600-unit building have one bedroom and a single bathroom. Rentals at each size are listed as being available now.
Renovated units feature eight to 10-foot ceilings, quartz countertops, stainless steel appliances, barn-style doors, “wood-style” plank floors, and plenty of Midtown and Buckhead skyline views, per Westside officials.
Building amenities should check many of the boxes for today’s most demanding renters.
Those include a roof deck with bar and lounge, swimming pool, grilling stations, billiards and game room, putting green, communal offices and conference spaces, a movie theater, 5,000-square-foot gym with yoga, dry-cleaning service, a convenience store, dog park and dog wash, and coffee shop. EV charging stations are also provided, and the building offers 405 parking spaces.
Across its seven-decade existence in Buckhead, the brick-built Darlington apartment tower was known for the famous “Atlanta’s Population Now” sign out front, being the longtime home of novelist Pat Conroy’s father (the inspiration for The Great Santini), and for its status as one of Buckhead's last bastions of true affordability. Although, more recently, the tradeoff for cheaper rents was the building’s reputation for disrepair and seediness.
Sandy Springs-based Varden Capital Properties took on the $40-million makeover and rebranded the cruciform property. (Earlier talk of converting the Darlington to condos that would simultaneously be luxury and affordable didn’t materialize.)
The Darlington’s former residents—most paying rents less than $800 monthly—were removed in fall 2018, a year after VCP had bought the aging complex for $30 million.
Beyond Atlanta, Westside owns roughly $1.2 billion in multifamily and mixed-use assets and land across Florida, Georgia, and Alabama, with about $3 billion in its development pipeline, mostly in Florida. Have a closer look at the company’s first ATL asset—and what “relatively affordable” Buckhead luxury entails—in the gallery above.
• Recent Buckhead news, discussion (Urbanize Atlanta)