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Atlanta & Southeast  |  August 29, 2019
David Cohen
By: David Cohen

Atlanta Affordable Apartment Portfolio Sells for $70M

Fairfield Residential has acquired a two-property, 600-unit affordable housing portfolio in metro Atlanta for $70 million.

The two properties are Longwood Vista in Doraville and Lakeside Vista in Kennesaw. Both properties were fully leased at the time of sale. The transaction closed on August 14, according to property records.

Fairfield acquired the portfolio from Vista Realty, which developed the projects 15 years ago with financing from low income housing tax credits. Rents at the properties range from $800 to $900 per month. Across the Atlanta area, rents have increased 6% in the past year, and average effective rents currently sit at $1,168 per month.

For comments, questions or concerns, please contact David Cohen

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About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.
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