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.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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