CBRE Arranges Sale of Suburban Atlanta Community
- Oct 20, 2017
Bridge Investment Group purchased a 720-unit apartment community in Marietta, Ga. from JRK Property Holdings.. CBRE’s Shea Campbell, senior vice president, and Keith Geiger, project manager, represented the seller in this transaction. Earlier this year, the duo facilitated the sale of a three-property portfolio in Stockbridge, Ga.
Laurel Hills Preserve is located at 1955 N.E. Bells Ferry Road, in Marietta. The Skip Wells Park and Town Center at Cobb shopping mall are both in close proximity to the community. Kennesaw State University is ten minutes away, while downtown Atlanta and its various employment centers can be reached in 30 minutes via Interstate 75. I-75 and I-575 provide access to the Atlanta metro area and beyond.
The unit mix consists of 346 one-bedroom units and 374 two-bedroom units, varying in size from 640 to 1107 square feet. Built in 1986, the property features a design that offers natural light and open spaces. According to Yardi Matrix, it is currently 98.3 percent occupied, with monthly rents averaging $926. Common amenities include a fitness center, a business center, tennis court, three swimming pools, a spa and a playground.
“Ongoing improvements to infrastructure, sidewalks, trails, parks and beautification projects add to the desirability of Laurel Hills Preserve and the area. As the suburbs gain traction among businesses and residents, investors are drawn more to these suburban products,” said Shea Campbell in a prepared statement.
Image courtesy of CBRE