With a limited amount of improvements to the community, CBRE said the multifamily acquisition offers a value-add option for new ownership. Specifically, updating the multifamily amenities and interior finishes sets the stage for the buyer to increase rents across all unit types.

With access to Atlanta Hartsfield-Jackson International Airport and the Interstate Highway system, the northeast submarket has become the largest industrial distribution center in Atlanta. As a powerful warehouse hub with 161 million square feet of space, and construction activity reaching a 10-year high in 2016, per CBRE's US Industrial & Logistics MarketView, a growing number of companies are moving to the area, creating a go-to a destination for potential tenants looking for multifamily properties to move into.

Several economic factors have resulted in net positives for the multifamily sector and prices in core markets are at an all-time high. But just how long can the market continue on this trajectory? Join us at RealShare Apartments East on Feb. 28 and March 1 for insights on succeeding in the right markets as well as navigating and finding opportunities in the more challenging ones. Learn more.

ATLANTA—Park Crossing Apartments, a 280-unit multifamily community in an Atlanta suburb, has traded hands. The sale price: $22.6 million.

Located at 2700 Park Crossing Way in Lilburn, GA, the multifamily asset was built in 1985. New Jersey-based Engineering Partners, a boutique investment firm, purchased the community. CBRE's Brad Simmel represented the seller, Ventron Management, in the deal.

“Investors have been consistently drawn to Gwinnett throughout the current economic growth cycle because of the ability to increase rents, occupancy in the upper 90% range, limited new construction and solid job growth,” Simmel, a senior vice president at CBRE, tells GlobeSt.com. (Northeast of Atlanta, multifamily assets are hopping.)

“Given that the metro Atlanta area has become the epicenter of the financial, technology and logistics sector—for both job and population growth—the northeast suburbs, including Lilburn, are projected to add more quality jobs, ensuring an ongoing demand for good housing options,” says Simmel. Built in 1985, the two and three-story suburban, garden-style multifamily property has maintained consistent tenancy with 98% occupancy in 2016.

With a limited amount of improvements to the community, CBRE said the multifamily acquisition offers a value-add option for new ownership. Specifically, updating the multifamily amenities and interior finishes sets the stage for the buyer to increase rents across all unit types.

With access to Atlanta Hartsfield-Jackson International Airport and the Interstate Highway system, the northeast submarket has become the largest industrial distribution center in Atlanta. As a powerful warehouse hub with 161 million square feet of space, and construction activity reaching a 10-year high in 2016, per CBRE's US Industrial & Logistics MarketView, a growing number of companies are moving to the area, creating a go-to a destination for potential tenants looking for multifamily properties to move into.

Several economic factors have resulted in net positives for the multifamily sector and prices in core markets are at an all-time high. But just how long can the market continue on this trajectory? Join us at RealShare Apartments East on Feb. 28 and March 1 for insights on succeeding in the right markets as well as navigating and finding opportunities in the more challenging ones. Learn more.