The Atlanta area saw a couple of notable apartment sales earlier this week, indicating that the transaction market could be thawing.
“The sales market is improving as Atlanta’s record deliveries over 2023 and 2024 have been met with record demand,” Chris Goldsmith, managing director of investment sales at Walker & Dunlop, told Multifamily Dive in emailed comments. “We’ve seen this historic absorption stabilize operating fundamentals and embolden buyers to underwrite growth moving forward.”
On Monday, Walker & Dunlop announced that it arranged $352.8 million in total acquisition financing for the sales of Town Laurel Crossing and Manor Barrett. The Related Group sold the properties, built in 2024, to a buyer connected with Portland, Oregon-based multifamily firm GSL Properties, according to Bisnow.
The 360-unit Town Laurel Crossing sits in the Exchange at Gwinnett shopping district, while 347-unit Manor Barrett is in the Town Center Commercial District in Kennesaw, Georgia. Freddie Mac provided the capital for the buyer, according to the press release.
Other deals have emerged, too. On Tuesday, Greenwood Star Holdings announced the acquisition of the 281-unit Parkside Apartments and the 96-unit Creekside Apartments as part of its Greenwood Star Income and Growth Trust vehicle, according to a press release. Both properties are located in the Atlanta suburb of Doraville, Georgia.
Greenwood stated that Parkside was acquired for $31.5 million, representing a 23% discount to its comparable sale price, and Creekside was purchased for $15.5 million, representing a 35% discount to its comparable sale price. Both properties include the assumption of long-term financing, involving a 3.63% Fannie Mae loan that matures in August 2029.
The area has also experienced high occupancy rates, driven in part by mortgage payments in the surrounding area being more than double the monthly rent payments at both properties, according to Greenwood’s press release.
“Doraville is an in-demand submarket of Atlanta that continues to demonstrate resilient fundamentals, creating a competitive rental housing environment,” said Lisa Li, chairman and CEO of Greenwood Star, in the press release. “With our integrated property management capabilities and the ability to assume the 3.63% Fannie Mae loans, we believe that Parkside and Creekside are well-positioned to deliver significant value to investors.”
Other area properties could also deliver strong returns in the future as the operating environment improves, as supply is being absorbed. After facing pressure over the last couple of years, new lease trade-outs are neutral and, in some cases, slightly positive, according to Goldsmith.
“Now that we’re past peak deliveries, concessions have plateaued and they’re starting to recede as more properties hit stabilization,” Goldsmith said.
Goldsmith said these improving fundamentals will likely push sales up 20% to 25% in the area compared to 2023 and 2024. “We expect to see this trend continue in 2026, where we project sales volumes recovering to their pre-COVID, long-term average of roughly $7 billion per year,” he said.
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