Another intown Atlanta apartment complex has changed hands, this time landing in the portfolio of Virginia Beach investment manager Croatan Investments. The firm has quietly acquired Alaire at Morningside, a 110-unit garden-style community in northeast Atlanta, in a deal local reporting pegs at roughly $20.5 million. Croatan says it is lining up a multi-year value-add program to renovate unit interiors, refresh common areas and clear out deferred maintenance, a familiar play as out-of-state capital keeps chasing intown rental properties.
As reported by the Atlanta Business Chronicle, the transaction closed late last month and involved a portion of an existing apartment community in northeast Atlanta. In a story by reporter Janelle Ward published July 2, 2026, the Chronicle put the sale price at about $20.5 million.
Croatan formally announced the deal in a June 30 press release on Croatan Investments, describing Alaire at Morningside as part of the Morningside-Lenox submarket. "Atlanta continues to be one of the most compelling multifamily markets in the Southeast," CEO Paul Van said in the announcement. The company added that it sourced the property off market through its brokerage relationships in Atlanta.
Property details and market context
The complex offers one-, two- and three-bedroom floor plans and appears on local rental sites under addresses that include 1400 Markan Dr NE. RentCafe lists in-unit amenities and shows the property is managed locally by Roscoe Properties.
Industry brokers say the nearby Clifton Corridor and job hubs such as Emory University and the Centers for Disease Control and Prevention are key reasons investors prize this pocket of the city. Regional market commentary often flags Morningside and similar intown neighborhoods as supply constrained, a theme highlighted in reports from Cushman & Wakefield and other multifamily research shops.
Croatan's plan and timeline
Croatan says it is planning a comprehensive value-add strategy that includes renovating apartment interiors to a premium finish package, modernizing select exterior elements and improving landscaping. The renovation program is expected to take about three years. "Alaire at Morningside provides an opportunity to acquire a well-located asset in a highly supply-constrained neighborhood at an attractive basis," Matt Roos, Croatan’s senior vice president of transactions, said in the company release. The firm described the work as aimed at elevating the resident experience while preserving long-term competitiveness.
The company did not identify the seller or disclose financing details in its announcement, and it did not immediately respond to requests for additional comment. Local brokers note that similar intown trades often move quickly and quietly, with new owners focusing on interior upgrades to capture rental upside. Readers can find more background on this particular deal in the Atlanta Business Chronicle report.
