A 395-unit apartment community in Marietta has new ownership, with Maryland-based Acento Partners closing on Legacy at West Cobb in a deal that drew a crowded field of bidders. The garden-style property at 2665 Favor Road SW was 88% occupied at the time of sale, and real estate services firm Berkadia says the transaction closed as investors continue circling Atlanta's suburban apartment stock.
According to Berkadia, which announced the sale on Friday, Acento Partners bought the property from Aspen Square Management, a Massachusetts-based owner. Local outlet Whatnow reports the sale closed on October 30, one week before Berkadia's public announcement. Berkadia Senior Managing Directors Andrew Mays and Paul Vetter led the transaction on behalf of the seller.
A Property Built for Upside
Legacy at West Cobb was built in 1970 and renovated in 2021, per the same report from Whatnow. Roughly 17% of its units are townhome-style apartments, a layout mix that appears to have been part of the draw for prospective buyers. Mays said the property attracted 20 initial offers, which he attributed to investor interest in the complex's affordable-to-market rent upside and its larger floor plans.
That level of competition comes amid ongoing activity in Atlanta's apartment market. Marietta has become a recurring address in that trend. In 2019, Walden Group paid $44 million total for Castlebrook Apartments and Sedgefield Apartments, two Class B, garden-style communities totaling 432 units also in Marietta, according to Multi-Housing News. Both of those properties were 97% occupied at the time of their sale, notably higher than Legacy at West Cobb's 88% occupancy.
Regional Market Still Finding Its Footing
The Legacy at West Cobb sale lands amid a mixed picture for Atlanta multifamily. Investment volume across the metro rose 6% year over year to roughly $2.2 billion in the first half of 2026, even as the median sale price slipped to $163,200 per unit compared with the prior year, per Northmarq. The same report found vacancy actually declined in the second quarter after two straight quarterly increases, as tenant absorption more than doubled new supply.
Construction activity has also pulled back sharply. Northmarq's data shows the region's multifamily pipeline shrank to around 16,200 units underway by the second quarter, nearly 20% below year-ago levels. Rent growth, meanwhile, has been uneven by submarket — North DeKalb and Midtown led the metro with asking rents up 3.7% and 3.6% year over year, respectively, according to the same Northmarq report.
Suburban Deals Keep Stacking Up
Marietta's deal is one of several recent suburban Atlanta trades. In the first quarter of 2026, Atlanta-area multifamily sales reached $672 million. In a separate deal the outlet covered, Home Invest acquired East Ponce Village, a 997-unit community in Stone Mountain, which the buyer described as the largest deal in the firm's history; a price for that transaction was not disclosed. That property had traded for $75 million in 2021, when Emerald Equity Group sold it to Adams Investor Group.
Elsewhere in the suburbs, a joint venture between PXV Multifamily and Pamera North America closed on the 216-unit Village on the Green in Atlanta at the end of July for $29.5 million. Taken together, the deals suggest investors are still willing to pay for suburban Atlanta apartment stock even as pricing per unit softens and new construction slows — a dynamic that appears to have shaped the competitive bidding for Legacy at West Cobb.
