PAMERA North America, LLC (PAMERA NA), based in New York City and operating as part of the Munich-based PAMERA Real Estate Group, has completed the acquisition of the residential complex “The Grove at Ben Hill Flats” in Atlanta, Georgia. The transaction, formerly known as “Village on the Green,” was concluded at the end of July 2026 as part of a 50/50 joint venture with the US multifamily investment manager PXV Multifamily from Miami. The total investment volume for this acquisition amounts to approximately US$32 million.
Completed in 2004, the property, located at 2975 Continental Colony Parkway SW, comprises 216 residential units. These are distributed across 16 three-storey buildings on a plot of approximately 6.6 hectares. With an average living space of about 103 square metres per unit, the flats are notably spacious. The unit mix consists of 80 one-bedroom, 104 two-bedroom (including twelve townhouses), and 32 three-bedroom units. The amenities of the complex include a clubhouse, a fitness area, a pool, tennis courts, a dog park, and a playground.
The property is situated in southwest Atlanta, in close proximity to Hartsfield-Jackson Atlanta International Airport and the logistics and distribution corridors along Interstates 75 and 85. This location generates broad and economically resilient tenant demand. Atlanta, with approximately 6.3 million inhabitants and 17 Fortune 500 headquarters, is one of the most dynamic metropolitan regions in the US Sun Belt. This transaction marks PAMERA NA’s first investment in the workforce housing segment. This segment addresses affordable housing for middle-income households, which is characterised by a structural supply gap in the USA.
New construction projects in the USA are almost exclusively developed in the upper price segment, as high construction, land, and financing costs necessitate rents that are unaffordable for the target group of workforce housing. The existing real estate stock in workforce housing is consequently almost entirely composed of older properties that are rarely replaced by new builds. The purchase price of approximately US$137,000 per unit and the total capitalisation of about US$148,000 per unit are approximately 25 per cent below the estimated replacement costs of comparable properties. The business plan envisages operational stabilisation and a targeted modernisation programme with a volume of approximately US$3 million. Property management has been delegated to Greystar, with whom long-standing business relationships exist.
Cord Ernst, Managing Partner of PAMERA NA, stated that the transaction aligns with the company’s North American growth strategy: focusing on differentiated properties, in cooperation with experienced operators, and at disciplined valuations. He emphasised that “The Grove at Ben Hill Flats” brings a well-located residential complex with solid substance in a segment with structurally scarce supply, acquired significantly below replacement costs.
PAMERA NA focuses on the targeted acquisition and development of real estate in dynamic US markets such as New York City, Boston, and the Sun Belt states. These regions are characterised by robust economic data and long-term growth potential. The focus is on residential, logistics, and retail properties, which are optimised through locational advantages and targeted development measures such as renovations and repositioning. The objective is to achieve stable and sustainable returns and to exploit the development potential of the properties.
