A San Francisco value-add apartment real estate investment firm has made its first East Coast investment just a few miles from SunTrust Park, the new Atlanta Braves stadium.
Hamilton Zanze has purchased a portfolio of three properties in Smyrna: The Peak at Vinings Mountain, The Views at Vinings Mountain and Lakeside at Vinings Mountain, a 680-unit collection of circa 1980s apartments, collectively called The Residences at Vinings Mountain. The properties traded from Aimco for $109M, according to Databank. Colliers International’s Will Mathews brokered the sale on behalf of Aimco.
Atlanta’s pro-business climate and educated workforce draw most outside investors to the city, and HZ managing director David Nelson said they were also big reasons why the California firm came to Atlanta. But right behind those factors were the new stadium and the infrastructure investment in Smyrna, “spending more now to prepare for tomorrow,” Nelson said. According to the Cumberland CID, some $600M in infrastructure improvements will have occurred by the end of 2018 during the past 30 years, many in preparation for the Atlanta Braves.