ATLANTA—Investors are still looking for value-added deals and FPA Multifamily just found one. Lakeside Village, an apartment community in Atlanta, just sold for $23 million.

CBRE's Shea Campbell and Kevin Geiger of the firm's Southeast Multifamily Group, represented the seller, Arenda Capital Management, a private investment firm based on Los Angeles. FPA recently expanded to include an Atlanta office and worked quickly to find a strong deal.

"Investors are capitalizing on the strong fundamentals supporting the Atlanta apartment market,” Campbell, first vice president at CBRE Multifamily, tells GlobeSt.com. “Multifamily sales volume in Atlanta has spiked in the past three quarters, up 53.6% over the same period a year earlier. Atlanta achieved the highest overall return among the major apartment markets, and with the trend toward residential urbanization, the desire to rent has intensified keeping the investment opportunities healthy."