Viking Capital has purchased Marbella Place, a 368-unit apartment community in Stockbridge, Ga., within the Atlanta MSA, for $52.7 million.
The seller was not disclosed.
“With the acquisition of Marbella Place, Viking Capital adds to its portfolio a well-maintained property near the South Atlanta industrial submarket, one of the fastest-growing industrial corridors in the nation,” said Vikram Raya, CEO of Viking Capital. "With a significant portion of the rent roll positioned at below market, Viking Capital can operate efficiently, upgrade select amenities and unit interiors, bring rents in line with the overall market, and take advantage of the surging growth in Stockbridge and Henry County.”
Marbella Place was completed in 1999, and the seller fully renovated all unit interiors in 2017. The 351,640-square-foot complex features a resort-style pool, two playgrounds, a newly redesigned clubhouse and detached garages.
Since its 2015 inception, Viking
