The 240-unit multifamily community previously known as Parkside Vista is now Haven North East, according to a press release from Richmond based 37th Parallel Properties, the community’s new owners. The private real estate investment firm announced on Thursday that Haven North East will join their over 500 newly acquired multifamily units in the Atlanta MSA. The new owners also announced community-wide renovations to accompany the rebranding.
Details of the renovations, including interior upgrades, new amenities, and a timeline have not yet been disclosed. However the community currently features one, two and three-bedroom units averaging 1,100 SF as well as a fitness center and a saltwater swimming pool. Atlanta based property management company First Communities will conduct the on-site management of the property.
According to Doug Fraser, who managed 37th Parallel‘s acquisition of the property, low vacancy, and “12.7% submarket rent growth… accelerat[ed] our original business plans.” According to the release, the property was “over 96% occupied at the time of acquisition.”
The new owners have already began marketing under the new branding, as demonstrated by a their new website. According to a community representative, the complex has been operating under the Haven North East name and management since July 7th.
The property was acquired in a joint venture with Apta Properties, a privately held multifamily real estate investment firm based in Louisville, Kentucky. the acquisition was financed with funding from Apta Properties, 37th Parallel, and a “high net worth investor.”
Property records show that the complex was last sold to Parkside Apartments – Atlanta LLC in 2010 for $17,400,000. The property’s appraised value in 2021 was $33,325,900.
