ATLANTA, GA – 37th Parallel Properties announced the acquisition of Parkside Vista, a 240-unit apartment building in Atlanta, GA, built in 2007, on behalf of its investors and joint venture partner, Apta Properties. With this acquisition, 37th Parallel has acquired over 500 units valued at over $ 100 million in the Atlanta MSA in the past twelve months.
"We are excited to add Parkside Vista to our growing portfolio, a mark of quality in one of the most transformative nodes in Atlanta," said Dan Chamberlain, Managing Partner. “Atlanta's affordable, business-friendly environment has resulted in significant growth in employment and population as well as industry diversification. The property is located near 285 and I-85 North East on the I-85 Corridor, a booming economic corridor that has been in the Atlanta MSA for the past decade in terms of population and employment growth. Also, about three miles south of the property is Assembly Yards, a billion-dollar mixed-use redevelopment that should spur further growth in northeastern Atlanta, "said Chamberlain.
The property benefits from easy access to several of the region's strongest economic drivers, such as the Perimeter Center (36 million square feet of office), Buckhead (21 million square feet of office), Century Center (2 million square feet of office), and Emory / CDC (40,500 workplaces) . The property has a mix of one, two, and three bedroom units with large floor plans averaging 1,103 square feet. Apartment and community amenities include nine-foot ceilings, balconies, a state-of-the-art fitness center, and a large saltwater pool.
"Parkside Vista is in a prominent, high-barrier submarket in the suburbs that has only accelerated growth since the pandemic began," said Doug Fraser, who leads the company's acquisition efforts. “The fundamentals of supply and demand in the submarket remain excellent, with only one apartment building under construction within a 6.5 mile radius of the property, coupled with one of the lowest submarket vacancy rates in the metropolis. This supply-demand imbalance has resulted in 12.7% rental growth in the sub-market over the past 12 months, accelerating our original business plan, "says Fraser.
Source: 37. Parallel properties
