37th Parallel JV Acquires Doraville Apartments
A joint venture of 37th Parallel Properties and Apta Properties has acquired Parkside Vista, a 240-unit, 2007-built multifamily asset in Doraville, GA, for a reported $53 million. 37th Parallel has now acquired more than 500 Atlanta-area units valued at $100 million-plus over the past 12 months.
“Atlanta’s long-term fundamental strength paired with the submarket population growth and employment diversity should drive attractive risk-adjusted returns,” said Chad Doty, managing partner at 37h Parallel. “Our thesis of investing in suburban multifamily assets in stable submarkets with employment diversity continues to prove resilient and profitable.”
The property, which was more than 96% occupied at the time of acquisition, is being rebranded Haven North East and will undergo renovations. It’s the fifth investment from 37th Parallel’s inaugural fund.
Berkadia’s Cutt Ableson and Colin Marusak arranged floating-rate agency financing on the JV’s behalf. Shea Campbell of CBRE’s Southeast Multifamily Team represented the undisclosed seller.
- ◦Sale/Acquisition
- ◦Financing