First Communities bought The Springs apartments, a 148-unit multifamily property first built in 1975 at 1898 Spring Rd in Smyrna, for $10.3M, or nearly $70k/unit. Berkadia's Andrew Mays (who brokered the deal with Paul Vetter and Matt White) tells us investors will continue placing their bets in Atlanta given the healthy local job market and investment opportunities. “We’re expecting economic growth in Atlanta to continue and outpace most metropolitan areas in the next two years, so investor appetite should persist.” That, plus being two miles from the underway SunTrust Park probably helps things as well, he says.
Berkadia: ATL Investor Appetite Will Persist
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1898 Spring Rd, Andrew Mays, Berkadia, First Communities, Matt White, Paul Vetter, Smyrna, The Springs apartments
