Vista Realty Partners Sells Marketplace Vista Apartments in Marietta, Georgia for $87M
MARIETTA, GA. — Vista Realty Partners has sold Marketplace Vista Apartments, a 298-unit luxury multifamily community in Marietta. The buyer, Ohio-based White Oak Partners, purchased the property for $87 million. White Oak Partners also has sold two apartment communities in metro Atlanta recently.
The Marketplace Vista Apartments is the residential component of Marketplace at Terrell Mill, a mixed-use development that Eden Rock Real Estate Partners and Connolly Development are co-developing. Marketplace Vista Apartments is located at 1486 Terrell Mill Road SE, close to Interstate 75 and Truist Park, the home ballpark of the Atlanta Braves. Marketplace Vista’s units have been open since August 2020 and were 82 percent occupied at the time of sale.
Construction on Marketplace at Terrell Mill started in 2018 and is still currently under development. At full buildout, the tenants at Marketplace at Terrell Mill will include Chick-fil-A, Wendy’s, Panera Bread, Regions Bank, Los Abuelos, Lush Nail Salon, Extra Space Storage and a Kroger store. The new grocery store is a replacement of a nearby Kroger situated a half-mile north along Powers Ferry Road.
Synovus Bank provided an undisclosed amount of construction financing for Marketplace Vista. Nationwide Insurance Co., The Radco Cos., Blue Vista Asset Management LLC and the Eduard de Guardiola’s family office provided joint venture equity to finance the project.
Vista Realty Partners is an Atlanta-based real estate investment company with over 20 years of experience specializing in the ownership and development of multifamily properties throughout the Southeast.