Local Apartment Investor Among Those Swarming To South Atlanta
An Atlanta multifamily investor is paying more than $85K per unit for a complex near Hartsfield-Jackson Atlanta International Airport, just the latest in a surge in investment activity in the area.
Two Waters Capital Management bought The Parc at 1875, a 352-unit complex off West Fayetteville Road in College Park. Sage Equities and M. Banks Realty Partners sold the 30-year-old buildings after a three-year stint as its owners. Cushman & Wakefield Executive Managing Director Tyler Averitt and Senior Director Nathan Swenson brokered the sale, described as a value-add play.
“After selling the asset to our client in 2015, we witnessed a transformation of the property that resulted in record pricing for the submarket,” Averitt said in a release. “The new owner is primed for continued long-term growth through the completion of the proven value-add initiative.”
According to a recent Marcus & Millichap report, the suburbs south of the city have attracted a wave of investment activity during the second quarter.
“Buyers in the $1M to $10M price tranche have increased interest in southwestern suburbs of Atlanta,” the report stated. "Many of these areas have posted large vacancy declines during the past 12 months and are typically home to working-class people."