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ATLANTA-CB Richard Ellis’ investment fund is continuing its aggressive multifamily acquisition spree with the purchase of two trophy-quality apartment communities within Atlantic Station, an award-winning, mixed-use development next to Midtown. CB Richard Ellis Investors’ Multi-Housing Group led the purchase of the Icon and Plaza District for the fund. Built in 2006, Icon is located at 391 17th Street NW and spans 242 units in four buildings. Icon was recognized at the 2007 Southeast Building Conference as the best rental community in Georgia and the best property in its category in the 12-state southeast region. Park District, which was built in 2004, is located at 401 17th Street NW and offers 231 units across five buildings.

“We’ve been targeting select acquisitions within Atlanta to add to our portfolio,” Steve Zaleski, managing director for CB Richard Ellis Investors’ Multi-Housing Group, tells GlobeSt.com. “We particularly like the Midtown submarket. In Atlanta, rents have retreated to a level pretty consistent to where they were about 10 years ago. There’s a lot of upside for the market to recover, coupled with the really low historical levels of new development.”

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