The allure of the Atlanta Braves was strong enough for a Florida-based investor to shell out more than $27M for a nearby apartment complex.
TerraCap Management purchased 23Thirty, a 222-unit apartment complex off Cobb Parkway, just a mile north of The Battery at SunTrust Park, for $27.7M, or more than $124K per unit. The seller was San Francisco-based FPA Management, according to Databank. FPA purchased the property in 2016 for $18M.
“Demand for multifamily housing in Cobb County is very strong as the general surrounding area has seen multibillions [of dollars] in capital investment and infrastructure improvements in recent years,” Terracap founder Steve Hagenbuckle said.
In its third-quarter report, Marcus & Millichap officials wrote that vacancies around SunTrust Park have dropped more than a percentage point in the past year. The strengthening demand has investors hungry for apartments in the Cumberland/Galleria area.
“Cap rates in Cumberland/Galleria are in the low 6% band, on par with the metrowide average,” Marcus & Millichap officials wrote.
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