Atlanta Woos Another Multifamily Player to Booming Market

ATLANTA—In a move to accelerate growth on the back of a strong 2016, Mission Rock Residential is entering a new market. The firm is setting up shop in Atlanta and branching out to the Southeast.

Mission Rock snapped up management of The Residences at Vinings Mountain Apartments in the up-and-coming Vinings neighborhood of Atlanta on behalf of Hamilton Zanze Real Estate Investments. This is Mission Rock's first gig in Atlanta, establishing presence in a new and booming market.

Atlanta's growing population has increased the number of households and underpinned the demand for apartments metro-wide, according to Marcus & Millichap. In particular, the firm reports, the Millennial cohort of 20- to 34-year-olds, which typically favors rentals, has increased steadily year over year as hiring remains healthy. A growing Millennial rental base helped apartment vacancy drop to the lowest yearly rate since 2000.

“Mission Rock Residential continues to grow its portfolio in new and key markets across the United States,” Patricia Hutchison, president of Mission Rock, tells GlobeSt.com. “Atlanta is one of the most vibrant multifamily markets with strong fundamentals and interest from all types of investors.”

Marcus & Millichap reports a significant increase in construction in 2016 will slow the vacancy decline experienced the previous six years, dropping 20 basis points to 4.8%. Yet, the firm says, high renter demand will push the vacancy rate under the low-3% range in several submarkets.

Residences at Vinings Mountain Apartments features 680 units and six unique floor plans, including one-, two- and three-bedroom layouts. The residences offers three different clubhouses include a business center, fitness center with yoga studio, three swimming pools, spa, indoor simulated golf, and BBQ area.

Meanwhile, RADCO continues its multifamily acquisition run. The opportunistic investor spent $56 million in a rising Atlanta submarket in December around rounded out the year snapping up a class B-minus multifamily asset for $60 million.

ATLANTA—In a move to accelerate growth on the back of a strong 2016, Mission Rock Residential is entering a new market. The firm is setting up shop in Atlanta and branching out to the Southeast.

Mission Rock snapped up management of The Residences at Vinings Mountain Apartments in the up-and-coming Vinings neighborhood of Atlanta on behalf of Hamilton Zanze Real Estate Investments. This is Mission Rock's first gig in Atlanta, establishing presence in a new and booming market.

Atlanta's growing population has increased the number of households and underpinned the demand for apartments metro-wide, according to Marcus & Millichap. In particular, the firm reports, the Millennial cohort of 20- to 34-year-olds, which typically favors rentals, has increased steadily year over year as hiring remains healthy. A growing Millennial rental base helped apartment vacancy drop to the lowest yearly rate since 2000.

“Mission Rock Residential continues to grow its portfolio in new and key markets across the United States,” Patricia Hutchison, president of Mission Rock, tells GlobeSt.com. “Atlanta is one of the most vibrant multifamily markets with strong fundamentals and interest from all types of investors.”

Marcus & Millichap reports a significant increase in construction in 2016 will slow the vacancy decline experienced the previous six years, dropping 20 basis points to 4.8%. Yet, the firm says, high renter demand will push the vacancy rate under the low-3% range in several submarkets.

Residences at Vinings Mountain Apartments features 680 units and six unique floor plans, including one-, two- and three-bedroom layouts. The residences offers three different clubhouses include a business center, fitness center with yoga studio, three swimming pools, spa, indoor simulated golf, and BBQ area.

Meanwhile, RADCO continues its multifamily acquisition run. The opportunistic investor spent $56 million in a rising Atlanta submarket in December around rounded out the year snapping up a class B-minus multifamily asset for $60 million.