DECATUR, GA-Making its second Atlanta-area multifamily purchase in the last 60 days, Los Angeles-based Hager Pacific Properties has acquired the 734-unit Tree Crest Apartments in this suburban city for $39 million. The 16-year-old asset traded for a below-replacement cost of $53,134 per unit. Hager did the deal in a joint venture with New York-based Collins Group LLC.

In June, Hager paid $18.5 million for the Atlanta Garden Ridge portfolio. "The Decatur suburb of Atlanta has grown approximately 86% in the last 10 years, making the Tree Crest Apartments an appealing investment," Hager managing partner Adam Milstein says. "We believe this market will continue to demonstrate long-term growth."

At the time of the Garden Ridge portfolio acquisition, Rob Neal, managing partner, Hager Pacific Properties told GlobeSt.com that the acquisitions were a good fit with the company's portfolio due to their close proximity to major highways and other factors. Tree Crest Apartments is also near major highways, specifically Interstates 20 and 285.

The 64-acre property was purchased from Atlanta-based Wilwat Properties. Milstein says Tree Crest Apartments, built in 1990, was extensively renovated in 2004 with a new roof and exteriors. The property includes one-bedroom units sized from 550 sf to 885 sf; two bedroom apartments from 1,060 sf to 1,354 sf; and townhouses. The community has a fitness center, indoor pools, heated whirlpool spa, tennis courts and two indoor racquetball courts.

David Gutting of Cushman & Wakefield of Georgia Inc.'s Atlanta office represented buyer and seller.