“With replacement costs at more than $160,000 per unit and a high barrier to entry in DeKalb County, Parkway Vista presented an excellent opportunity to purchase a like-new asset in one of Atlanta's fastest growing apartment markets, the Northeast Corridor,” Kemether says. “Parkway Vista, located right on the border of these two counties, is poised to take advantage of this Northeast Corridor pendulum swing.”

Find out what differentiates Atlanta's multifamily market in the nation at this late stage in the cycle. And check out another white hot multifamily Atlanta submarket.

ATLANTA—Parkway Vista, a 224-unit multifamily community in DeKalb County, GA, has traded hands. The sale price: $29 million.

Cushman & Wakefield's Atlanta multifamily brokered the sale, which equates to $129,464 per unit. CushWake's Mike Kemether and Josh Goldfarb represented the seller, Vista Realty Partners, in the transaction. RK Properties acquired the property.

“Ten years ago, Gwinnett County and North Dekalb County were considered commodity markets on the Northeast side of Atlanta,” Kemether tells GlobeSt.com. “Fast forward to today, where the Northeast side of Atlanta is growing faster than any other quadrant, and barriers for new apartments have helped the existing stock generate strong property operation trends.”

Built in 2003, the multifamily asset sits on 12.5 acres at 100 Parkway Circle. That's 1.5 miles from the Interstate 285-Interstate 85 Interchange. Multifamily amenities include a renovated clubhouse, business center, fitness center, swimming pool, car care center and laundry facility.

“With replacement costs at more than $160,000 per unit and a high barrier to entry in DeKalb County, Parkway Vista presented an excellent opportunity to purchase a like-new asset in one of Atlanta's fastest growing apartment markets, the Northeast Corridor,” Kemether says. “Parkway Vista, located right on the border of these two counties, is poised to take advantage of this Northeast Corridor pendulum swing.”

Find out what differentiates Atlanta's multifamily market in the nation at this late stage in the cycle. And check out another white hot multifamily Atlanta submarket.