Fairfield Residential acquired Chroma Park Apartments in Cobb County for a combined $63.4 million.

The company paid approximately $173,700 per unit for the community, which features 365 apartments with one-, two- and three-bedroom floor plans.

The Atlanta Business Chronicle reports Fairfield paid just under $36.5 million for the 17.5-acre parcel at 2105 Mesa Valley Way in Austell. The company also paid about $27 million for the adjacent 26-acre tract at 2100 Mesa Valley Way.

Both tracts were previously owned by Federal Capital Partners.

Federal Capital Partners paid $29.5 million for the 17.5-acre tract in January 2019. The company then purchased the 26-acre tract three months later for $17.7 million. 

Fairfield owns more than 44,000 multifamily units in the U.S. across its acquisitions, affordable housing developments and new construction properties.

The Cobb-Marietta Coliseum and Exhibit Hall Authority has selected a team of locally based firms to manage the expansion and renovation of the convention center.

Impact Development Management will serve as the authority’s representative and project manager for the overhaul, Rule Joy Trammell + Rubio will serve as the project architect and Holder Construction will be the construction manager. The development team plans to break ground on the project in fall 2025, with completion slated for early 2027.

The Cobb Galleria Centre was originally built by the authority in 1994. The facility currently totals 320,000 square feet, including 144,000 square feet of exhibit space, a 25,000-square-foot ballroom, 20 meeting rooms and four executive boardrooms. Also on the campus is Galleria Specialty Shops, an enclave of small retail shops that currently houses tenants including HOKA Shoes and a Subway kiosk.

The master plan for the expansion project includes:

• Demolition of Galleria Specialty Shops, as well as the second floor meeting rooms;
• A new junior ballroom
• The addition of 13,000 square feet of meeting space

The project calls for a 20-story apartment building with 650 units, two 2-story buildings with 175,000 square feet of commercial space, and an up-to 12-story building with 200,000 square feet of office space and 250 hotel rooms (photo). The Atlanta Business Chronicle reports the development is eyed for 2800 and 2810 Spring Road in Smyrna near Truist Park, a site long targeted for a project. Rass Associates and 2800 Properties filed the permit request with the Developments of Regional Impact agency.

Developments of Regional Impact (DRIs) are large-scale developments that are likely to have regional effects beyond the local government jurisdiction in which they are located. These procedures provide a means of revealing and assessing the potential impacts of large-scale developments before conflicts relating to them arise. Local government autonomy is preserved since the host government maintains the authority to make the final decision on whether a proposed development will or will not go forward.