RST Development acquired the 260-unit Century Lakeside, located in Conyers, from Centennial Holding Co. / The Carlyle Group. Built in 2000, the property is 95% leased and will be managed by Hercules Living. Century Lakeside's location is surrounded by big-box retailers such as Walmart, The Home Depot and Kroger as well as Rockdale County's top employers, including Golden State Foods, Hillphoenix and Solo Cup.

Yields held steady at 5.4% nationally, yet cap rates in tertiary markets have compressed over the past 24 months as more investors have moved into these markets in search of greater returns, the report reveals, according to ARA Newmark's latest study. And while annualized effective rent growth moderated to 2.1% nationally, western markets with heavy ties to technology employments saw the strongest gains.

“Cap rates remain steady,” Blake Okland, ARA Newmark vice chairman and Head of US Multifamily, tells GlobeSt.com. “Cap rates will potentially go lower throughout the year due to more demand for product than there is supply of available properties.”

Looking for a key differentiator in today's competitive market. Read this.

ATLANTA—Two metro Atlanta multifamily communities have traded hands. The transactions show continued momentum in the region's multifamily market.

Cushman & Wakefield's Southeast Multifamily Advisory Group arranged the sale of the multifamily assets. They represented the seller, Stratford Asset Management Co./TIC and a joint venture of Centennial Holding Co. and The Carlyle Group.

Hamilton Point Investments acquired the 276-unit The Retreat at Stonecrest, located in Lithonia, for $23 million. Built in 2003, The Retreat at Stonecrest is one of only a handful of multifamily communities built in the area since 2000, and it is currently 87% leased. The sales price represents approximately $83,333 per unit. (What differentiates Atlanta's multifamily market in the late innings? Read this.)

“Metro Atlanta's job growth is fueling the demand for better apartment living, as evidenced by the increased rent levels found in upgraded communities,” says Josh Goldfarb of CushWake's Atlanta Professional Equity Team. “The Retreat at Stonecrest and Century Lakeside provide such support for suburban garden-style apartment repositioning. Consequentially, compressed cap rates remain a part of the investment criteria.”

RST Development acquired the 260-unit Century Lakeside, located in Conyers, from Centennial Holding Co. / The Carlyle Group. Built in 2000, the property is 95% leased and will be managed by Hercules Living. Century Lakeside's location is surrounded by big-box retailers such as Walmart, The Home Depot and Kroger as well as Rockdale County's top employers, including Golden State Foods, Hillphoenix and Solo Cup.

Yields held steady at 5.4% nationally, yet cap rates in tertiary markets have compressed over the past 24 months as more investors have moved into these markets in search of greater returns, the report reveals, according to ARA Newmark's latest study. And while annualized effective rent growth moderated to 2.1% nationally, western markets with heavy ties to technology employments saw the strongest gains.

“Cap rates remain steady,” Blake Okland, ARA Newmark vice chairman and Head of US Multifamily, tells GlobeSt.com. “Cap rates will potentially go lower throughout the year due to more demand for product than there is supply of available properties.”

Looking for a key differentiator in today's competitive market. Read this.