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San Fran Firm Buys DeKalb Apartments


San Francisco-based FPA Multifamily has made inroads into Atlanta's competitive apartment market with Lakeside Village. The firm purchased the 310-unit DeKalb County property (perched on 50 acres) from Arenda Capital Management for $23M, or $74,200/unit. CBRE's Shea Campbell and Kevin Geiger brokered the sale, which includes plans to rebrand it as “The Estuary.” Shea tells us FPA is one of many investment firms seeking well-located, value-add apartment buys in Atlanta, “especially in submarkets that are experiencing limited to no new supply.” And this comes against a backdrop of improving fundamentals: average occupancies at 94%, the highest since 2006, and rents jumping 7.4% last year, according to CBRE metrics.