Affordable Community in Atlanta Suburb Commands $44M
- Jun 18, 2021
Olive Tree Holdings has sold a 395-unit affordable community in Marietta, Ga., for $44.2 million. The property was rebranded as Legacy at West Cobb, with Aspen Square Management taking over as property manager. Greystone Brown Real Estate Advisors represented the seller.
Olive Tree Holdings had acquired the property in 2019 for $31.6 million from The Walden Group and funded the purchase with a $26.4 million loan originated by Bridge Investment Group, Yardi Matrix data shows.
Located at 2665 Favor Road SW, Legacy at West Cobb offers one- to four-bedroom units, with floorplans ranging between 750 and 1,517 square feet. The 32.4-acre property has 37 two- and three-story buildings raised in four phases, between 1969 and 2006. The property was previously known as The Life at West Cobb, as well as Caswyck Trail and Walton Trail.
The pet-friendly community provides amenities such as a pool, a fitness center, picnic areas and a playground. The property is almost entirely affordable, with only 10 percent of units being market rate.
The community has several recreational options within 7 miles, including Six Flags White Water and Kennesaw Mountain National Battlefield Park. Downtown Atlanta, approximately 20 miles away, is easily accessible via Interstate 75.
Greystone’s Taylor Brown, Cory Caroline Sams, Chandler Brown, Barden Brown, and Walter Miller facilitated the transaction. In January, a Greystone Brown team including most of the same brokers arranged the sale of another partially affordable Marietta community on behalf of Olive Tree Holdings. That asset traded for $31.7 million.