Novare Group has officially checked out of the SkyHouse tower program, selling its last ownership stake with the trade of SkyHouse Buckhead in Atlanta's Buckhead neighborhood. The 26‑story building at 3390 Stratford Road, completed in 2015 and home to 362 apartments, changed hands for about $83.4 million. UBS Realty Investors is the buyer, closing the book on Novare's direct ownership of SkyHouse‑branded towers.
Deal Details and Developer Comment
According to Bisnow, court clerks' records list UBS Realty Investors as the purchaser and show the transaction at roughly $83.4 million. Novare CEO Jim Borders told the outlet, "With this sale, the SkyHouse program has come full circle," summing up the end of a development run that helped reshape skylines across multiple cities.
How the Buckhead Tower Was Developed
SkyHouse Buckhead was developed and delivered in 2015 by Novare alongside partners Ackerman & Co., NGI Investments and Batson‑Cook Development Co., with an investor account advised by UBS Global Asset Management providing both construction and permanent financing, as reported by REBusiness. The tower's top‑floor SkyDeck includes two pools, outdoor kitchens and a club room, amenities the team heavily spotlighted when the building opened. Novare's own property materials also list the 362‑unit count and the 3390 Stratford Road address.
Price, Taxes and Valuation
Public records cited in reporting show Fulton County assessed SkyHouse Buckhead at roughly $76 million in 2025, down from about $94 million in 2020. The recorded sale price of $83.4 million lands between those marks and reflects the broader post‑2020 repricing that has hit many class‑A multifamily properties, according to Bisnow.
Why Institutional Buyers Are Circling Atlanta
CBRE's 2026 North American Investor Intentions Survey ranked Atlanta as the second‑most attractive U.S. market and found that roughly three‑quarters of investors planned to target multifamily in 2026. That tilt helps explain the renewed institutional appetite for Sun Belt apartments. The influx of capital has pushed more institutions to chase stabilized, class‑A properties that match the SkyHouse profile, according to CBRE.
What Novare's Exit Signals
The sale marks a clear endpoint for Novare's SkyHouse program. Batson‑Cook notes that Novare and its partners built roughly 18 SkyHouse high‑rise projects across the 2010s. Institutional buyers typically favor long‑term holds, and while UBS has not released detailed post‑closing plans, the acquisition highlights a broader shift back toward institutional ownership in Metro Atlanta's multifamily market.
For residents, a change in ownership usually does not trigger immediate, day‑to‑day disruptions. Still, the deal is another sign that Atlanta's apartment sector has moved into a new phase of institutional demand and ongoing price discovery. Market watchers will be keeping an eye on whether other SkyHouse properties follow a similar path as investors continue to pursue stabilized, rooftop‑amenity towers across the Sun Belt.
