Mesa Capital Partner snapping up apartments

Mesa Capital Partners, headed by executives familiar to the Atlanta business scene, have bought four apartment complexes in metro Atlanta since February, including two in June.

Tom Bell, former CEO of Cousins Properties, and Pete Correll, the former head of Georgia Pacific, are among the principals.

Bell said the group had about $40 million to invest and are hoping to close on another eight or nine apartment complexes in the Sun Belt. The company is buying, often out of foreclosure, improving the units, and putting in new management teams. The failure of the single family home market has helped spur the need for apartments, he said.

"They provide a good cash return," Bell said.

--Christopher Quinn