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| John Speros |
ATLANTA,
GA, July 17, 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.
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| J.T. Speros |
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.
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| Kyle Gable |
“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.
Contact:
Steve Webb
Marketing Research Coordinator
P: 678.993.2935
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