Richmond, Va.-based 37th Parallel Properties and joint-venture partner Apta Properties purchased the 240-unit Parkside Vista apartment community in north Atlanta.
Amenities include nine-foot ceilings, balconies, a fitness center and a saltwater swimming pool, 37th Parallel said in a press release. The Doraville community is being renovated and rebranded as Haven North East.
The firm did not disclose the financial terms of the acquisition, but the Atlanta Business Chronicle put the pricetag at $53 million.
“Parkside Vista is located in an outstanding, high barrier-to-entry suburban submarket whose growth has only accelerated since the onset of the pandemic,” said Doug Fraser, who manages the firm’s acquisitions and dispositions. “The supply-demand fundamentals in the submarket remain stellar, with only one multifamily asset under construction within a 6.5-mile radius of the property, paired with one of the lowest submarket vacancy rates in the metro. This supply-demand imbalance has resulted in 12.7% submarket rent growth over the last 12 months, accelerating our original business plan.”
The deal marks the fifth investment from 37th Parallel’s inaguaral fund, 37th Parallel Fund 1, which launched in November 2019. It targets value-add and core-plus multifamily assets in the Southeast and Texas and owns properties in Atlanta and Dallas, Austin and San Antonio, Texas. The acquisition was funded by 37th Parallel Fund I, high net-worth investors and new investor capital from Apta Properties.
Cutt Ableson and Colin Marusak of Berkadia arranged floating-rate debt for the transaction, and Shea Campbell of CBRE’s Southeast multifamily team represented the seller.