Novare Group Sells Final SkyHouse Tower to UBS Realty Investors for $83.4M

Why It Matters

The transaction closes Novare’s SkyHouse era while highlighting Atlanta’s emergence as a premier Sun Belt hub for institutional multifamily investment.

Key Takeaways

• Novare sold SkyHouse Buckhead for $83.4M.
• Sale ends Novare’s SkyHouse ownership portfolio.
• Atlanta multifamily market sees rising institutional investment.
• CBRE survey ranks Atlanta second U.S. investment destination 2026.
• Property assessed value fell from $94M to $76M.

Pulse Analysis

Novare Group’s decision to sell SkyHouse Buckhead for $83.4 million marks the final chapter of its SkyHouse brand, a portfolio that once comprised 18 Class‑A multifamily towers across the Sun Belt. Developed in 2015 with partners Ackerman & Co., NGI Investments and Batson‑Cook, the 26‑story, 362‑unit tower was financed by UBS Global Asset Management and has been a flagship for upscale urban living in Atlanta. The transaction not only removes Novare’s last equity stake but also signals a strategic pivot away from active ownership toward capital recycling.

The Buckhead sale arrives amid a flurry of multifamily transactions in Metro Atlanta, where investors are capitalizing on recent interest‑rate cuts and a stabilizing rental market. DWS Asset Management’s $72.2 million purchase of Revel Ballpark and Goldman Sachs’ $90 million acquisition of 92 West Paces Ferry Road illustrate the heightened activity. More importantly, the buyer mix is shifting: institutional capital now accounts for roughly 40 % of deals, up from a private‑equity‑dominated landscape in prior years, reflecting confidence in the region’s long‑term growth prospects.

CBRE’s 2026 North American Investor Intentions Survey underscores Atlanta’s rising appeal, ranking it second only to Dallas‑Fort Worth as the top U.S. investment destination. With three‑quarters of respondents targeting multifamily assets, the market is poised for continued inflows, especially as concessions recede and occupancy stabilizes. For developers and owners, the trend suggests a premium on assets with strong amenity packages and central locations, while investors should weigh the modest decline in assessed values—$94 million in 2020 to $76 million in 2025—against the sector’s resilient cash flow potential.

Deal Summary

Novare Group has sold its last SkyHouse‑branded apartment tower, SkyHouse Buckhead in Atlanta, to Hartford‑based UBS Realty Investors for $83.4 million. The 26‑story, 362‑unit property, developed in 2015, marks the end of Novare’s SkyHouse program.