Vista Realty Partners has sold the 228-unit Carmel Vista Apartments in McDonough, Ga., for $63.3 million, to Equus Capital Partners. According to the seller, the recently completed asset changed hands for the highest price per unit ever paid for a Henry County community.
The property encompasses one- to three-bedroom floorplans, ranging from 650 square feet to 1,451 square feet, Yardi Matrix data shows. Each unit features high-end finishes, washers and dryers. Amenities include a fitness center, a business center, a clubhouse and a pool, as well as 478 parking spaces.
Located at 92 Mount Carmel Road in a burgeoning Atlanta suburb, Carmel Vista is less than 1 mile east of Interstate 75, which provides easy access to downtown Atlanta. McDonough Crossing Shopping Center is less than 2 miles east, while several other retail, dining and entertainment options are available within a 2-mile radius.
Delivered in February 2021, the 10-building community was built using a $22.7 million construction loan funded by Trustmark National Bank. The asset stabilized within six months. The multifamily operating arm of Equus, Madison Apartment Group, will manage the luxury community from now on.
David Gutting, vice chairman of Newmark, brokered the sale on behalf of Vista Realty Partners, while Newmark Executive Managing Director Stephen Comly assisted Equus on acquisition financing.