A sprawling, garden-style apartment complex in Dunwoody has a new owner with big renovation plans. TruAmerica Multifamily announced the acquisition of Bricks at Perimeter Center, a 446-unit community tucked into Atlanta’s Perimeter Center submarket, and the Los Angeles-based firm says it intends to overhaul nearly the entire property while the surrounding area faces a thinning pipeline of new apartment supply.
The deal, reported by The Real Deal, adds a low-density community at 302 Perimeter Center North to TruAmerica’s growing Southeast footprint. According to Yieldpro, the property includes 16 studios, 250 one-bedroom units, 154 two-bedroom units and 26 three-bedroom units, and the outlet reported it was built in 2007 — though a separate listing from corporatehousing.com puts the construction year at 2006 with five stories across the complex. Either way, the community sits near major employment centers and public transit within the submarket, per the dossier’s property-level details.
Nearly the Whole Complex Is Getting a Facelift
TruAmerica has identified renovation potential in 442 of the 446 units — about 99% of the community, the same Yieldpro report notes. Planned upgrades include quartz countertops, stainless-steel appliances, new flooring, and updated cabinetry and hardware throughout the residences.
The company also intends to repurpose the property’s underused clubhouse, turning it into a coworking space, according to Multifamily Dive. Wes LaBar, TruAmerica’s head of national acquisitions, said the firm picked up the property at a meaningful discount to replacement cost — a detail that points to why value-add investors are circling aging Atlanta-area complexes even as new construction slows to a crawl.
Price Undisclosed, but County Valuation Offers a Clue
TruAmerica has not disclosed the seller or the purchase price, the Multifamily Dive report notes. However, Dunwoody County valued the apartment complex at $105 million this year, according to Bisnow, giving outside observers a rough benchmark for the asset’s worth even without an official sale figure.
The acquisition expands TruAmerica’s Atlanta-area holdings to 3,374 units and helps push the firm past $1 billion in total acquisition volume for 2026, per the same Yieldpro report. Companywide, TruAmerica owns and operates more than 67,000 apartment units spread across 20 states and more than 40 markets.
A Supply Desert in Dunwoody
The timing lines up with a broader slowdown in apartment construction across the metro area. Within Dunwoody itself, no new multifamily units are currently under construction, and only 321 units are slated for delivery across the wider submarket in 2027, the Multifamily Dive report states.
That scarcity fits a regional pattern. Atlanta’s multifamily construction pipeline shrank nearly 10% quarter over quarter by the end of 2025, leaving roughly 16,800 units underway, according to a report from NorthMarq. Permitting activity fell an estimated 28% from 2024 to 2025, and only about 9,800 units are forecast to come online across the metro in 2026 — a steep drop from prior years.
A separate report from Urbanize Atlanta projected that metro-wide apartment deliveries would slow 43% year over year in 2026, landing around 9,300 units — the lowest annual total since 2021. Average rents across the metro had ticked up 1% to $1,600 a month by early 2026, that report found.
Investors Betting on Older Properties
Demand has stayed resilient even as construction cools. Atlanta multifamily demand outpaced new deliveries for four straight quarters through mid-2025, and investment sales activity in the first half of that year ran nearly 90% ahead of the same period in 2024, per NorthMarq’s separate vacancy report. Older assets in Atlanta proper and inner-ring suburbs like Decatur and College Park have continued drawing investors chasing value-add opportunities, the firm noted.
Other recent Atlanta-area trades underscore the appetite for aging multifamily stock. Trinity Property Consultants purchased the 168-unit ReNew Vinings complex for $24.1 million, while Thompson Thrift’s 276-unit Pullman complex in Union City was included in a portfolio that received bridge financing, Bisnow reported. The median Atlanta multifamily sale price climbed 3% year over year to $189,100 per unit in the second quarter of 2025, and in-place cap rates on quality assets with steep discounts to replacement cost have generally run below 5%, according to NorthMarq.
