Investor appetite for Atlanta-area apartments continued to show signs of strength with the recent purchase of Concord Crossing, a 190-unit garden-style community in Smyrna. 

Courtesy of Google Maps.

The property was one of five Southeast multifamily developments sold by Asia Capital Real Estate (ACRE) for an undisclosed amount, according to a press release. Wolf Acquisitions LLC was the purchaser. 

ACRE purchased Concord Crossing in 2016 through the federal Low-Income Housing Tax Credit program, and over the next three years, made numerous capital investments to transition it to a full market-rate asset. 

The other properties involved in the transaction were The Palms at Palisades, a 125-unit community in Brandon, Fla., that was sold to ZMR Capital LLC; Mount Vernon and Williamsburg Village, a 230-unit portfolio in Gainesville, Fla., sold to a private investor based in Orlando; and Foxfire Apartments, a 354-unit garden-style community in North Durham, N.C., that was sold to Ebex Holdings. 

“ACRE has been actively investing in the Southeast for nearly a decade, as we recognized the migration patterns and potential for rent growth across the region,” said founding partner Michael Van Der Poel. “These dispositions are a testament not just to our ability to forecast this fast-expanding market, but also to execute strategic value-add campaigns and generate significant returns for our investors. We … look forward to playing an active role in meeting the incredible demand for high-quality rental housing across the Southeast and the rest of the country.”