Smyrna Multifamily Gets Significant Nod

ATLANTA—Park Valley Apartments, a suburban multifamily community in Cobb County, GA, has traded hands. The sale price: $51.4 million.

CBRE's Kevin Geiger, Shea Campbell, and Keith Geiger of the Southeast Multifamily Group, represented the seller, Valley-Summit. Steadfast Apartment REIT, a California-based public, non-traded REIT that owns and operates a $1.1 billion portfolio of multifamily communities across the country.

"Investors have been drawn to Cobb County because of the stability and growth of the area," Campbell, CBRE first vice president of Multifamily Investment Properties, tells GlobeSt.com. "With top schools and quality of life, as well as additional jobs coming into the area through SunTrust Park, the growth of Kennesaw State University and other prime developments, Cobb County continues to attract a base of talented professionals. These renters are looking for quality products with nearby amenities like Park Valley."

Park Valley is located at 4570 South Cobb Drive, on the outskirts of Smyrna, GA. The multifamily asset recently updated interior features and common areas.  

"There is a high demand for well-located suburban apartment properties, such as Park Valley which offers easy access to I-285," said Geiger. "We have yet to reach a point in which supply has outpaced the demand for properties like this one in the desirable metro areas around Atlanta."

The job growth rate in Atlanta is about 60% faster than that at the national level, according to CBRE Research. This growth in new jobs is helping to promote multifamily living while simultaneously giving investors and developers a higher level of confidence in the market.

A recent CBRE Research report reveals that over the past several quarters, the national demographic of those seeking multifamily rental opportunities has diversified, pushing the overall nationwide apartment vacancy to 4.8% and the home ownership rate to 63.4%—its lowest level since 1967.