Toll Brothers has sold another Atlanta-area apartment community, continuing its exit from the sector, writes Tyler Wilkins for The Philadelphia Business Journal.
An affiliate of PGIM Real Estate acquired the 290-unit Notion Decatur property for $76 million in mid-December, according to county records. The apartment complex sits just outside downtown Decatur near MARTA’s Avondale station.
Toll Brothers developed Notion Decatur through a joint venture with Pondmoon Capital USA. The community, which opened to residents a few years ago, is located next to a Publix-anchored shopping center and features amenities such as a pool, fitness center, clubhouse, business center, and community-wide Wi-Fi.
The sale comes as Toll Brothers winds down its Apartment Living multifamily platform. In September, the company agreed to sell that business to California-based Kennedy Wilson for more than $300 million, a deal that includes development staff and interests in several properties nationwide. One of those, an Atlanta student housing tower, also traded hands in December.
While the Notion sale was separate from that transaction, it underscores how Toll Brothers’ Montco headquarters continues to shape major real estate moves well beyond the Philadelphia region.
To learn more about the deal and Toll Brothers’ strategy shift, visit The Philadelphia Business Journal.
