John Brown, a senior director of Marcus & Millichap's National Multi Housing Group, brokered the sale and represented buyer and seller. Brown had the exclusive listing and found the buyer after "an extensive marketing campaign," he says.

"Each of these class A properties are among the highest-quality offerings in their respective submarkets," Brown adds. "They feature luxury amenities that appeal to tenants, as well as having exceptional locations in high-grown submarkets."

The acquired portfolio comprises Preston Landing at Sweetwater, a one-year-old, 240-unit garden-style apartment community at 1100 Preston Landing Circle on 33.27 acres in Douglasville, GA; Preston Part at Satellite, a two-year-old, 440-unit garden-style community on 41.8 acres at 2110 Preston Park Drive, 20 miles northeast of Downtown Atlanta in Duluth, GA; and Preston Pointe at Windemere, a four-year-old, 346-unit, garden-style complex at 3100 Preston Pointe Way in Cumming, GA.