PAMERA North America, LLC (PAMERA NA), headquartered in New York City and part of the real estate family and investment office PAMERA Real Estate Group of Munich, has completed the acquisition of the residential complex “The Grove at Ben Hill Flats” (formerly “Village on the Green”) in Atlanta, Georgia. The closing took place at the end of July 2026. The acquisition was made as part of a 50/50 joint venture with the US multifamily investment manager PXV Multifamily (PXV), headquartered in Miami. The total investment volume amounts to around 32 million US dollars.
Property and location
Completed in 2004, the complex at 2975 Continental Colony Parkway SW comprises 216 residential units in 16 three-storey buildings on a plot of land of around 6.6 hectares. With an average of around 103 square metres, the apartments are more spacious than average; the mix is divided into 80 one-room, 104 two-room apartments (including twelve townhouses) and 32 three-room apartments. Facilities include clubhouse, fitness area, pool, tennis courts, dog park and playground.
The property is located in southwest Atlanta in close proximity to Hartsfield-Jackson Atlanta International Airport and the logistics and distribution corridors along Interstates 75 and 85. This environment is fuelling broad, cyclically robust tenant demand. With a population of around 6.3 million and 17 Fortune 500 headquarters, Atlanta is one of the fastest-growing metropolitan areas in the US Sun Belt.
Investment approach
For PAMERA NA, the transaction is a novelty: it is the first investment in the workforce housing segment. Workforce housing refers to affordable housing for middle-income households – a segment that benefits from a structural supply gap: New construction in the USA is almost exclusively in the upper price segment, because construction, land and financing costs require rents that this target group cannot afford. Accordingly, the portfolio consists almost entirely of older properties that are hardly replaced by new buildings. The purchase price of approximately $137,000 per unit and total capitalization of approximately $148,000 per unit are approximately 25 percent below the estimated restoration costs of comparable properties.
The business plan envisages the stabilization of operations as well as a targeted modernization program with a volume of around 3 million US dollars. Property management was outsourced to the renowned administrator Greystar, with whom there are long-standing business relationships.
Cord Ernst, Managing Partner of PAMERA NA: “The transaction represents exactly our growth strategy in North America: differentiated properties, together with highly experienced operators, at disciplined valuations. The Grove at Ben Hill Flats brings a well-located residential development with solid substance in a segment with structurally tight supply – acquired well below restoration costs.”
Business model and strategy of PAMERA North America
PAMERA NA focuses on the targeted acquisition and development of real estate in dynamic U.S. markets such as New York City, Boston and the Sunbelt states, which have 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 aim is to achieve stable and sustainable income and to fully exploit the development potential of the properties.
