Atlantic Pacific Cos. Buys Georgia Community
The firm's multifamily portfolio in the Atlanta area now totals over 5,000 units.
The Parc at Dunwoody
Atlantic Pacific Cos. has acquired The Parc at Dunwoody Apartments, a 312-unit community in Dunwoody, Ga. The property marks the company’s fifth acquisition within the company’s third private equity fund, Blue Atlantic Partners Fund III. With this acquisition, the firm’s Atlanta portfolio now totals over 5,000 units.
According to Yardi Matrix, the property last traded for $33 million in 2017, when Emma Capital purchased it from WRH Realty Services.
Built in 1979, the asset comprises one-, two-, and three-bedroom units, ranging from 718 to 1,346 square feet. Common-area amenities include a fitness center, playground, outdoor pavilion and two swimming pools. The property also has 612 parking spaces.
Located at 1067 Pitts Road on a 26-acre site, the 39-building is within 5 miles from Interstate 285. The surrounding area has several retail and dining options, including Perimeter Mall, which is 2 miles from The Parc. Major employers in this area include Mercedes Benz, State Farm and Cox Enterprises. The asset is also 5 miles from a 300-unit community in Roswell, Ga., which traded this month.
