"These well located suburban assets complement our existing Atlanta portfolio and will allow us to achieve scale and diversification in the market," the company wrote in the report.

"This transaction will be funded through the disposition of select, older assets in our existing coastal markets."

Equity justifies its interest in Atlanta for several reasons. This includes its big job market, emerging tech sector, lower cost of living, growing net migration and the more "business-friendly" environment. Additionally, citing data from RealPage, supply as a percentage of delivery is expected to continue declining. For example, that percentage was 4.1 percent in 2024 — but is projected to fall to 2.8 percent this year. And in 2026 and 2027, it is anticipated to fall to 1.1 percent and 0.7 percent, respectively. Also, a separate report from RealPage shows that Atlanta is seeing a notable drop in multifamily permits, as the amount plunged by 33.7 percent to 11,568 units in the year ending April.

An influx of supply in recent months is something that has impacted multifamily nationally. Now, there is a new problem — the uncertainties with the economy are weighing down consumer confidence. This has in part caused a drop in rent growth for May to 0.4 percent compared with 0.5 percent in April and 0.6 percent in March, according to a report from Apartment List. That's a troubling sign, as rent growth is typically stronger during this season. The trends will be worth watching in the coming months within multifamily.