Vista Residential Partners and Batson-Cook Development Co. (BCDC) have sold Sweetwater Vista Apartments, a 300-unit, recently completed garden-style community in the Atlanta suburb of Douglasville, Ga., to an undisclosed buyer. The price paid for the asset, located at 1905 Riverside Parkway, was not released.
Completed in 2021, Sweetwater Vista was the first multifamily development delivered in Douglas County in more than a decade. Michael Neyhart, Vista chief investment officer, said in a prepared statement the demand for the workforce housing development proved to be even stronger than they anticipated. He said the submarket continues to see robust investment activity in both residential and commercial developments.
The partners broke ground on the Sweetwater Vista in August 2020. Synovus Bank provided construction financing for the project. A joint venture of BCDC and Blue Vista Asset Management LLC provided the equity.
Newmark’s David Gutting represented the sellers in the deal.
Sweetwater Vista details
Located on a 51.3-acre site near the intersection of Riverside Parkway and Commerce Way, Sweetwater Vista offers residents convenient access to the Interstate 20 and I-285 corridors. The community is 15 miles from the Hartsfield-Jackson International Airport and 12 miles from midtown Atlanta. The property is surrounded by 40 acres of woodlands and nature trails, including Sweetwater Creek State Park and the Tributary Trails.
The community features a mix of one-, two- and three-bedroom units with floorplans ranging from 804 square feet to 1,268 square feet. In-unit amenities include 9-foot ceilings, stainless steel appliances, granite countertops, modern cabinetry and full-sized washers/dryers.
Community-wide amenities include a large clubhouse with a business center, fitness center, lounge, game room and coffee bar. Other community features are a pool, playground, dog park, outdoor grilling and entertainment stations and open spaces throughout the property. The community has 24-hour package concierge lockers and electric car charging stations.
Vista and BCDC deals
In November 2021, Vista sold the 228-unit Carmel Vista Apartments in McDonough, Ga., for $63.3 million to Equus Capital Partners. Completed in February 2021, the property is also located in a growing Atlanta suburb, situated about 1 mile east of I-75.
Two years earlier, Vista sold two affordable multifamily communities with a total of 604 units in Doraville and Kennesaw, Ga., to Fairfield Residential for $70 million. The properties – Longwood Vista and Lakeside Vista – were both completed in 2006. Both communities were developed under Section 42 Low-Income Housing Tax Credit (LIHTC) provisions and are rent restricted through 2034 or 2035. Longwood Vistas is listed as fully affordable, while Lakewood Vista offers 262 affordable units out of 324, according to Yardi Matrix data.
Elsewhere in the Atlanta area, BCDC and joint venture partners Novare Group and PointOne Holdings broke ground on a 330-unit luxury community in Acworth, Ga., in August. The first units are slated for delivery in October 2024. It is the 38th joint venture project between BCDC and Novare Group.
