ATLANTA—As multifamily investors keep a close eye on rent growth, The Park at Vinings has received a nod from Cocke Finkelstein Inc. (CFI). The full-service multifamily investment firm just snapped up the 484-unit, garden-style apartment community in Smyrna, GA, for $49.5 million.

“The Park at Vinings will be an outstanding addition to our portfolio,” Byron Cocke, CEO of CFI and CFLane, the apartment management subsidiary of CFI that will manage the asset, tells GlobeSt.com. “This property has performed extremely well in recent years, and the metro Atlanta apartment market should have several years of additional rent growth and increasing occupancy rates on the horizon.”

Built in 1980, Park at Vinings sits on more than 60 acres. The multifamily community is 97% occupied, offering one-, two- and three-bedroom floorplans. Amenities include a two-story, lagoon-style pool with waterfalls; six lighted tennis courts; volleyball court; pond with a gazebo and picnic seating; playground; car-care center; dog park; and wooded views.

CFI also closed on Peppertree Apartments, a 194-unit multifamily community in Winchester, VA, for $14.1 million. Peppertree Apartments is located about 80 miles west of Washington D.C. It is 94% occupied.

“Expanding the presence of CFI and CFLane in the Mid-Atlantic region is a major goal of ours in 2014, and this acquisition is an important step toward meeting that objective,” says Cocke. “The Mid-Atlantic is a great area for the company's growth because of its strong employment and economic drivers, and its adjacency to our existing footprint. We are excited about bringing this property into our portfolio, and we feel it is well positioned for long-term success.”