A California real estate investment firm paid nine figures for a Metro Atlanta apartment complex, marking the latest of about a half dozen multifamily deals in the area this year to reach price tags over $100M.

Los Angeles-based Post Real Estate Group bought the Manchester at Mansell, a garden-style apartment complex, in the affluent Alpharetta submarket, for $109.9M from The Related Cos., according to sales tax data posted in the Georgia Superior Court Clerks' Cooperative Authority database.

With 468 units in the complex at 401 Huntington Drive, Post paid nearly $235K per unit, according to information provided by CBRE.

The deal signals that the Atlanta multifamily sector is slowly improving and that investors are willing to pay up for the right properties in the right market, said Maria King, president of commercial at Atlanta-based real estate firm Realm.

“Obviously, [Alpharetta is] a highly desirable market. It’s just another sign that the market is inching towards a rebound,” King said. “As long as it pencils for them, I think it’s a great sign for the market.”

The Metro Atlanta apartment market over the past year has been reversing course from the declining rents and glut of new supply that began in 2021. Effective apartment rents in Atlanta rose nearly 20 basis points in the second quarter to nearly $1,600 per month on average, according to Matthews. That was the first average rent gain in the metro area in the past two years, and a reversal from the nearly 2% drop in rents last year.

As part of the Manchester at Mansell purchase, Post secured a $500M Freddie Mac loan, according to a security deed filed with the cooperative authority. CBRE Capital Markets originated the financing, according to the documents. 

While numerous apartment complexes in Atlanta have traded so far in 2026, only five reached a price tag of at least $100M, according to CBRE. Those deals include the $215M sale of senior living property Holbrook Woodstock and the $101M purchase of Alta Porter on Peachtree by Key Real Estate in July, according to CBRE.

Five deals in Atlanta reached at least $100M during the first half of 2025, as well.

Investment activity has been primarily led by institutional buyers targeting well-located suburban assets in high-growth submarkets, according to Lee & Associates.

Investors are paying higher prices for those apartments as developers have drastically pulled back on new construction projects — with new deliveries falling 40.5% in the second quarter, according to Matthews. The shrinking new supply is allowing landlords to raise rents and reduce perks used to attract new renters. According to Rental Beast, almost 52% of landlords were offering concessions in the second quarter, down from more than 61% in the first quarter.