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Atlantic Pacific Cos just raised a new multimillion-dollar fund to chase after apartments in the Southeast, including Atlanta. And with renewed turmoil around the globe likely to increase competition for apartments, the firm's gonna need it. Atlantic Pacific raised $120M in a JV fund with Blue Arch Advisors, that—with leverage—could purchase up to $350M. Atlantic Pacific's Greg Ward tells us the fund's targets are suburban garden-styled apartment projects in places like Atlanta, Charlotte, Raleigh, Houston, Dallas and Nashville. Most recently, the firm bought Rock Creek at Vinings (here) and Rock Creek at Ashford.
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“It's very competitive out there, for sure,” Greg says, adding that the recent Brexit vote in the UK is expected to spur even more capital to the US as foreign investors seek safety. “Everything that we're hearing is allocations are increasing in the United States. At least in the short term, that is going to be true.” A recent Marcus & Millichap report echoes those sentiments, finding that capital is chasing yield in tertiary markets, compressing cap rates both in urban centers and in the suburbs throughout the country. Atlantic Pacific owns 17 assets in Atlanta, including Shiloh Valley Overlook.
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