JV Pays $53M for Atlanta Asset
- Jul 26, 2021
Joint venture partners 37th Parallel Properties and Apta Properties have acquired Parkside Vista, a 240-unit community in Atlanta’s Doraville suburb. The partnership paid $53.3 million to Menora Financial, according to Gwinnett County records.
The new ownership has rebranded the property as Haven North East, and is planning renovations. At the time of the sale, the community was roughly 96 percent occupied.
CBRE represented the seller of the 2007-completed asset. Berkadia provided the acquisition loan for the joint venture. The $31.5 million Freddie Mac loan has a variable interest rate and is set to mature in 2031, public records show. The new owners have selected First Communities to serve as property manager.
The pandemic has accelerated the growth of Parkside Vista’s submarket, Doug Fraser, manager with 37th Parallel Properties, said in prepared remarks. The area is facing a supply-demand imbalance, with only one multifamily project under construction within a 6.5-mile radius of the community, in addition to having one of the metro’s lowest vacancy rates, he added.
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The property is located at 2305 Global Forum Blvd. and provides one- to three-bedroom apartments with floorplans ranging between 865 and 1,435 square feet. Haven North East features a saltwater swimming pool, fitness center, business center as well as a laundry facility and is pet friendly.
Location location location
The newly named Haven North East is 17 miles northeast of downtown Atlanta and less than 4 miles from Assembly Yards, a 165-acre mixed-use adaptive reuse project, formerly home to a General Motors plant. Interstates 285 and 85 are easily accessible.
The property places residents within 8 miles of Perimeter Center, a business district with 36 million square feet of offices, less than 12 from Emory University and roughly 15 miles from the Georgia Institute of Technology.
In 2019, 37th Parallel Properties entered the Atlanta market with the acquisition of the 111-unit Park on Clairmont. Since then, the company has expanded its portfolio in the market, adding more than 500 units in the past year alone.