ATLANTA-The market for Atlanta multifamily housing is taking a sharp turn upward. CB Richard Ellis just brokered the sale of two multifamily properties in Atlanta suburbs.

Greens at Windy Hill Apartments in Smyrna sold for $4.8 million. And Casa Los Pinos Apartments in Norcross traded for $8.9 million. Atlanta-based Cortland Partners snapped up both properties. Brad Simmel and Shea Campbell of CBRE's Atlanta Multi-Housing Group brokered the transactions on behalf of an undisclosed national lender.

Simmel is witnessing strong interest in quality, well-located affordable apartment communities. Over the course of the year, Campbell reports that more lenders able to provide debt for Atlanta area properties. Still, challenges remain.

“Arranging debt for class B and C communities, while continuing to improve, remains somewhat challenging,” Simmel tells GlobeSt.com. “Buyers with solid track records are finding significantly more success in this, while emerging groups still struggle somewhat to secure appropriately priced debt.”

The two recent sales stand out in the Atlanta area’s vintage multifamily market. Greens at Windy Hill was completed in the early 1970s. The 188-unit community is just north of Downtown Smyrna and features large residential units in all brick buildings.

Casa Los Pinos also came to market in the early 1970s. Now renamed Pines of Norcross, the previous owner partially renovated the 386-unit community. Cortland Partners plans to complete the work. The site is near I-85 and I-285, as well as retail and employment centers in Norcross.

“We’re seeing multi-family properties trading across all asset classes, including a number of B & C communities,” Simmel says. “We have seen a tremendous amount of activity and closed transactions for B and C communities in the Norcross area of Gwinnett and in the Smyrna-Marietta areas of Cobb County.”