ATLANTA—Park Valley Apartments, a suburban multifamily community in Cobb County, GA, has traded hands. The sale price: $51.4 million.

CBRE's Kevin Geiger, Shea Campbell, and Keith Geiger of the Southeast Multifamily Group, represented the seller, Valley-Summit. Steadfast Apartment REIT, a California-based public, non-traded REIT that owns and operates a $1.1 billion portfolio of multifamily communities across the country.

"Investors have been drawn to Cobb County because of the stability and growth of the area," Campbell, CBRE first vice president of Multifamily Investment Properties, tells GlobeSt.com. "With top schools and quality of life, as well as additional jobs coming into the area through SunTrust Park, the growth of Kennesaw State University and other prime developments, Cobb County continues to attract a base of talented professionals. These renters are looking for quality products with nearby amenities like Park Valley."