Fairfield Residential has recently acquired Chroma Park Apartments, located in Cobb County, for a total of $63.4 million. The community consists of 365 apartments with various one-, two-, and three-bedroom floor plans.
According to the Atlanta Business Chronicle, Fairfield paid an average of $173,700 per unit for the property. This includes the purchase price of just under $36.5 million for a 17.5-acre parcel at 2105 Mesa Valley Way in Austell and approximately $27 million for an adjacent 26-acre tract at 2100 Mesa Valley Way.
Both parcels were previously owned by Federal Capital Partners who purchased them separately – first paying $29.5 million in January 2019 for the smaller parcel and then acquiring the larger tract three months later for $17.7 million.
With this acquisition, Fairfield now owns over 44,000 multifamily units across its portfolio which includes acquisitions as well as affordable housing developments and new construction properties throughout the United States.
