ATLANTA—Paces Station, a 610-unit class B garden-style multifamily complex in Atlanta’s Vinings neighborhood, has traded for $57 million, or $93,400 per apartment unit. The buyer purchased the multifamily asset with all-cash.

HFF marketed the multifamily property on behalf of a national REIT. HFF senior managing director Jason Nettles and director Megan Thompson led the deal. TA Associates Realty was the buyer.

“Paces Station’s location in Vinings, one of Atlanta’s most desirable in-town neighborhoods, provides a great value-add opportunity for the buyer,” Nettles said in a statement. “Paces Station represents one of the last untouched rehab opportunities for a Class B asset in Vinings. This unique position created a very institutional bid pool and the property sold to an unleveraged, core buyer.”

Paces Station is located at 3000 Paces Walk near Interstate 285 northwest of Downtown Atlanta. Each phase of the three-phase community offers its own entrance and amenity package. Completed in 1989, the community includes 51 buildings totaling 593,922 square feet and includes one- and two-bedroom units averaging 974 square feet each.

“The commercial real estate market in Atlanta is improving, albeit more slowly than many would like,” Michael Bull, president and founder of Bull Realty, tells GlobeSt.com. “The market is still very fragmented with some sectors and submarkets recovering much better than others. The demand is most intense for stable apartments, then medical, industrial, office and retail properties, in that order. Apartments are hot across Atlanta, with the closer-in and newer properties enjoying the most demand.”