A Peachtree Road high-rise that set the bar for multifamily rental luxury in Atlanta upon its 2009 debut has traded hands for a second time. 

Los Angeles-based, national investment firm TruAmerica Multifamily has acquired The Tower on Piedmont (formerly the 05 Buckhead tower) at 3242 Peachtree Road NW as part of its expanding Atlanta portfolio, officials announced this week. 

The 20-story building counts 155 apartments just south of the intersection of Peachtree and Piedmont roads in central Buckhead. The purchase price wasn’t disclosed. 

TruAmerica officials say the tower acquisition continues a strategy of adding well-located apartment properties where demand for rental housing is still outpacing supply across the U.S. The Buckhead purchase has grown TruAmerica’s Atlanta market portfolio to roughly 3,000 units owned and managed. 

The 20-story apartment building's stance over Atlanta's signature street. Courtesy of TruAmerica Multifamily

Coro Realty originally developed the building in 2009 as the first residential component of Buckhead Place—a mixed-use district spanning about 12 acres—with a goal of placing Atlanta’s first “white glove… ultra-luxury apartment high-rise” midway between Buckhead Village and Lenox Square. 

Unique aspects for a new apartment community—at least at the time—included two-story penthouses, rooftop amenity decks, and hotel-grade concierge services around the clock.

Coro Realty offloaded the tower for $69 million as the pandemic ebbed in 2021 to Lionstone Investment, and PCCP joined the ownership group last year, following a recapitalization deal, as Multi-Housing News reports. 

As is, The Tower on Piedmont features condo-quality construction, per TruAmerica officials. The building’s prior owners invested about $3 million in capital improvements for interior and amenity upgrades. 

TruAmerica’s plans for capital improvements now call for “elevating unit interiors to a luxury standard and enhancing the rooftop pool, lobby, and fitness center to meet strong renter demand for high-quality amenities,” according to Monday’s announcement.

The company describes the location as one of Atlanta’s “most affluent and walkable rental corridors.”

Tower on Piedmont's 3242 Peachtree Road NW location in central Buckhead. Google Maps

Floorplans in the building—ranging from studio to expansive three-bedroom options—are roughly 20 percent larger than comparable Buckhead apartment communities in the area, per TruAmerica reps. 

Beyond the concierge and rooftop pool with panoramic city views, the building’s amenities today include a penthouse-level sky lounge with a catering kitchen, a fitness center, and an outdoor social lounge with grilling stations. 

The tower still anchors the Buckhead Place mixed-use district, which has grown to include more than 150,000 square feet of hotel, retail, and lifestyle space. TruAmerica officials call it walkable to the PATH400 trail, MARTA’s Buckhead station, Buckhead Village, and nearby malls. 

“The Buckhead submarket continues to be one of Atlanta’s most sought-after rental markets with its strong employment drivers and lifestyle destination,” said Wes LaBar, TruAmerica’s head of acquisitions, in a statement.  

The rooftop pool section of Tower on Piedmont where upgrades are planned. Courtesy of TruAmerica Multifamily

Founded in 2013, TruAmerica ranks as one of the top value-add multifamily investors in the U.S., with $17 billion in assets now under management, per company officials. 

CBRE represented the seller in the Tower on Piedmont deal and also advised TruAmerica on financing for the acquisition.

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