ATLANTA-CB Richard Ellis’ investment fund is continuing itsaggressive multifamily acquisition spree with the purchase of twotrophy-quality apartment communities within Atlantic Station, anaward-winning, mixed-use development next to Midtown. CB RichardEllis Investors’ Multi-Housing Group led the purchase of the Iconand Plaza District for the fund.

Built in 2006, Icon is located at 391 17th Street NW and spans 242units in four buildings. Icon was recognized at the 2007 SoutheastBuilding Conference as the best rental community in Georgia and thebest property in its category in the 12-state southeast region.Park District, which was built in 2004, is located at 401 17thStreet NW and offers 231 units across five buildings.

“We’ve been targeting select acquisitions within Atlanta to addto our portfolio,” Steve Zaleski, managing director for CB RichardEllis Investors’ Multi-Housing Group, tells GlobeSt.com. “Weparticularly like the Midtown submarket. In Atlanta, rents haveretreated to a level pretty consistent to where they were about 10years ago. There’s a lot of upside for the market to recover,coupled with the really low historical levels of newdevelopment.”

Both properties, which have a combined occupancy of 91.1%, offera variety of floor plans with contemporary finishes, includingample natural lighting, nine-foot ceilings, crown molding andpremium cabinetry, lighting and plumbing fixtures. The propertiesalso feature swimming pools, sundecks, business centers, privategardens, theater rooms and fitness centers.