Apartment Fever Goes Epidemic

The apartment sector remains red hot for investors with the announcement that a J/V between Daniel Corp. and MetLife has acquired The Rocca apartments and an adjacent parcel of land on Northside Parkway for $23 million and change. The Rocca is part of the large mixed-use development on Northside Parkway near its intersection with both I-75 and Howell Mill Road perhaps best known as the home of Local Three Kitchen & Bar. Daniel already has a major Midtown apartment project under construction in partnership with Selig Enterprises. Not sure what the timeline for developing more multifamily on this adjacent parcel is, but if the general trends are any indication, it won't be long. [CoStar]