July 18, 2019
Ackerman & Co. and Pioneer Land Group Broker Sale of 27.28-Acre Land Parcel in Henry County, Ga.
Atlanta-based Vista Realty Partners to Develop 230-Unit Garden-Style Multifamily Project
ATLANTA, July 18, 2019 – The land team of Ackerman & Co. and Pioneer Land Group has brokered the sale of a 27.28-acre residential land parcel on Mt. Carmel Road in McDonough, Ga., for $2,530,000 ($92,742 per acre).
The land team brokers – John Speros and JT Speros of Ackerman & Co. and Kyle Gable of Pioneer Land Group – represented the seller, Mt. Carmel Holdings. The buyer was McDonough Ventures LLC.
Vista Realty Partners will develop a 230-unit garden-style apartment project on the site, which is located at Mt. Carmel Road near the intersection of Jonesboro Road. The project will be known as Carmel Vista and is slated to break ground in August of 2019. An active multifamily developer and investor, Vista Realty’s recent projects include Lakeside Vista, a 324-unit complex in Kennesaw, Ga., and Longwood Vista, a 280-unit development in Doraville, Ga.
“Demand for multifamily rental units is on the rise in this part of Henry County, and this property offers an excellent location in terms of access and support amenities,” said John Speros. “Due to limited new construction in Henry County, rental growth is outpacing the metro average, making this an attractive submarket for investors.”
Henry County is one of the more expensive rental markets in South Atlanta, with rental prices exceeding nearby Clayton County, Southeast DeKalb and South Atlanta.
About Ackerman & Co.
Headquartered in Atlanta, Ackerman & Co. is a privately held, full-service commercial real estate firm focused on providing quality investment, brokerage, management and development services in the Southeast. The company, founded in 1967, retains an expert team of more than 100 real estate professionals. To date, Ackerman & Co. has developed and acquired 37 million square feet of office, medical, industrial, retail and mixed-use space, has 4 million square feet under management, and maintains an investment portfolio valued at $1 billion. For more information, visit www.ackermanco.com