ATLANTA—Investors are still looking for value-added deals and FPA Multifamily just found one. Lakeside Village, an apartment community in Atlanta, just sold for $23 million.

CBRE's Shea Campbell and Kevin Geiger of the firm's Southeast Multifamily Group, represented the seller, Arenda Capital Management, a private investment firm based on Los Angeles. FPA recently expanded to include an Atlanta office and worked quickly to find a strong deal.

"Investors are capitalizing on the strong fundamentals supporting the Atlanta apartment market,” Campbell, first vice president at CBRE Multifamily, tells GlobeSt.com. “Multifamily sales volume in Atlanta has spiked in the past three quarters, up 53.6% over the same period a year earlier. Atlanta achieved the highest overall return among the major apartment markets, and with the trend toward residential urbanization, the desire to rent has intensified keeping the investment opportunities healthy."

Lakeside Village is a 310-unit multifamily community with some of the largest floorplans in the submarket, averaging 1,400 square feet. The apartment complex sits on 50 acres of land and includes a scene lake and walking trail. Lakeside is within one mile of Interstate 285, Atlanta's outer perimeter that provides connectivity to major employment hubs. 

“Investors continue to seek well-located, value-add opportunities in Atlanta, especially in submarkets that are experiencing limited to no new supply,” says Campbell. “Lakeside Village offers the large unit size and proven upside that new ownership can take to the next level. FPA plans further interior and amenity renovations as well as a rebranding of the community to 'The Estuary.'” 

According to CBRE Econometric Advisors, the Atlanta multifamily market continues to perform at extraordinary levels. With occupancy at 94%--the highest level since 2006—rent inflation continued its upward trajectory reaching 7.4% in 2014.

As the market continues to thrive, CBRE predicts the multifamily sector in Atlanta is poised for success in the second half of 2015. Specific to the North DeKalb submarket, Same Store Rent Index is forecasted to surpass $1,075, the highest ever in the submarket. 

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