A luxury apartment complex in Sandy Springs’ Pill Hill medical center area has been sold and rebranded to Cortland at the Hill.
The 287-unit complex, The Hill, previously owned by North American Properties, has been bought by Cortland, a multifamily real estate investment company headquartered in Atlanta, according to a press release.
NAP and Cortland did not immediately respond to comment requests.
The apartment complex, located at 1160 Johnson Ferry Road near the Brookhaven border, is within walking distance to the medical center, which includes three hospitals — Northside; Emory Saint Joseph’s and Children’s Healthcare of Atlanta at Scottish Rite — as well as many medical offices.
“The Pill Hill location of this community is very attractive to us,” said Jim Knight, Cortland’s managing director of investments, in the release. “The area’s future growth potential is decidedly appealing, and we’re glad to join the greater community through Cortland at the Hill.”
NAP had a 10-year workforce agreement with the city at the Hill apartment complex, offering 30 units exclusively to workforce employees at discounted rates. Cortland could not immediately respond with an answer as to whether the agreement will be carried over with the new ownership. The city did not immediately respond to a comment request.
The agreement, part of the 2016 zoning approving the units, stipulates the workforce units are to be made available to households with incomes less than 120% of AMI and that rent cannot exceed 35% of the residents’ income. The complex must also show marketing efforts to hospital employees.
As of June 30, 29 of the 30 units were leased at The Hill, with the workforce housing rents ranging from $1,295 to $1,370.