ATLANTA—Miami-based Atlantic|Pacific Companies (AP) just laid out $200 million to acquire a multifamily portfolio with properties in Georgia and Texas. The multifamily deal boosts A|P's holdings in Georgia to over 2,600 units and in Texas to over 2,300 units.

“AP continues its smart growth with over 5,500 units now acquired within the past three years,” says Mark Briggs, senior managing director at AP Management. The deal marks AP's first investment within the Houston market. AP also owns multifamily properties in Dallas, Austin, and San Marcos, TX.

AP plans to invest in capital improvements, including interior upgrades and common area improvements. The multifamily assets include: Carrington Green and Villas at Southpoint in McDonough, GA; Harris Bridge Overlook in Dallas, GA; Shiloh Valley Overlook in Kennesaw, GA; Villas at West Road in Houston; and The Barons in Dallas.

AP is not the only one to get aggressive on Georgia's multifamily scene. RADCO closed on $350 million in multifamily assets in 2014, many of them in Georgia.

In fact, RADCO has made several significant multifamily acquisitions in recent weeks. Mission Galleria apartments in Smyrna, GA, is one of them. Mission Galleria has 416 units in a developing area right next to the new site of the $1.1 billion Atlanta Braves ballpark and mixed-use development northwest of Atlanta in Cobb County. RADCO also scooped up Gwinnett Place apartments in a northeast Atlanta suburb called Lawrenceville and Parkside at East Atlanta in the city's East Atlanta submarket.

“$1,200 rents align with the current US median household income of approximately $51,000 per year,” Kevin Finkel, executive vice president of Resource Real Estate, tells GlobeSt.com. “Therefore, we believe that multifamily real estate firms with the experience and capabilities to fully renovate the aged apartment inventory available today into upgraded rental options that are in high demand by today's workforce offer a significant opportunity.”