By Balazs Szekely, Associate Editor
Atlanta—Oak Residential Partners formed a joint venture with Atlantic Creek Real Estate Partners, a private commercial real estate investment firm, to acquire the 378-unit The Gallery Apartments in Marietta, Ga.
Constructed in 1984 on 27.44 acres, The Gallery Apartments’ 378 units are situated in 22 garden-style buildings. The apartments just off Franklin Road in Cobb County offer flexible leases and a mix of one-, two- and three-bedroom floor plans. Units range in size from 700 to 900 square feet for a one-bedroom unit, 1,100 to 1,200 for a two-bedroom unit and 1,520 to 1,575 for a three-bedroom unit, with rent prices starting at $739 for a one-bedroom unit, $929 for a two-bedroom unit and $1,099 for a three-bedroom unit.
Common-space amenities include a fully renovated, 3,100-square-foot clubhouse, open parking spaces, fitness center, business center, resort-style swimming pool, tennis court, soccer field and a playground. Units at the fully-gated property feature washer and dryer connections, a covered patio or balcony, and oversized tubs, complete with institutional-quality exteriors.
This is Oak’s second multifamily acquisition in the Atlanta market in 2015, following the purchase of St. Ives Crossing in Stockbridge. The investor plans to add value to The Gallery Apartments through a comprehensive rebranding and a repositioning program. The latter consists of enhanced professional property management, upgrades to the amenities, as well as exterior and interior renovations to select units.
Oak Residential Partners also acquired the 350-unit Four Winds Apartments community in Overland Park, Kansas City, Kan.
Image via www.thegalleryapartmentsatl.com