Main Street Residential has purchased View 75, a multifamily community in Marietta, Ga., for $20 million. The property will be rebranded under the firm’s Signature name and upgraded.
“View 75 is poised in a booming submarket, less than a quarter mile from Cobb Parkway and Interstate 75, providing exceptional access to Atlanta’s major economic drivers including the Cumberland Submarket which is expanding rapidly,” said Todd Marshall, co-founder & manager of Main Street Residential.
Located at 1035 Franklin Road SE, the 214-unit community was constructed in 1969 and offers one-, two- and three-bedroom floorplans ranging from 828 to 1,365 square feet. The asset comprises 19 two-story buildings, all of which will undergo a $2 million renovation of the exteriors, interiors and common area spaces. Apartment features include washer/dryers, high ceilings and private balcony/patios. Residents have access to amenities such as a playground, swimming pool, laundry facilities and 224 parking spaces. According to Yardi Matrix, View 75 is currently 92.5 percent leased as of March 2018.
“The property is really the last multifamily [community] to be renovated along Franklin Parkway, which was challenged in the past, but is now in a total change-phase and a hot area with all that is going on, including a new IKEA going up next door,” added Marshall. “View 75 is a perfect candidate for our Signature rebranding and well-tuned, value-add program. We are excited to add the asset to our portfolio and be part of the Marietta community.”
Image courtesy of Main Street Residential