Austin, Texas-based RPM Living ranks as one of the biggest managers in the apartment industry, operating more than 159,000 units, according to the recently released National Multifamily Housing Council Top 50 list.

However, the company’s ownership arm, RPM Investments, is also very active, having recently purchased Aspire Lenox Park, a 407-unit property in the Atlanta suburb of Brookhaven, Georgia, for $85 million, according to the Atlanta Business Chronicle. It acquired the asset, built in 2000, from Willow Bridge Property Co., formerly known as Lincoln Property Co.

“Aspire is a high-quality asset in a strong submarket with operational upside,” RPM Chief Operating Officer Josh Kahn told Multifamily Dive. “And that’s what we target.”

The property is located near the Lenox Square Mall, five minutes to I-85 and approximately 5 miles from shopping and jobs in the Buckhead section of Atlanta. RPM Living funded the purchase with a $59.2 million Freddie Mac loan.

“We're looking for opportunities where we think we can take advantage of our fully integrated platform and our high-quality management operations and find operational efficiencies,” Kahn told Multifamily Dive.

Since Aspire Lenox Park was completed in 2000, it has been sold twice, according to the Atlanta Business Chronicle. The Teachers Insurance and Annuity Association of America-College Retirement Equities Fund (TIAA-CREF) bought the asset in 2005 for $70.6 million, and Willow Bridge purchased it in 2010 for $75.3 million. 

Aspire Lenox Park has rents from $1,450 to $2,600 for one- to three-bedroom units ranging in size from 745 to 2,140 square feet, according to Apartments.com. Its amenities include a pool, gym, fitness center and clubhouse. 

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