DEAL OF THE DAY: 708-Unit Rental Community Sold for $72M
- Apr 09, 2008
By Anuradha Kher, Online News EditorMarietta, Ga.–Ceebraid-Signal, manager of multifamily communities throughout the eastern United States, recently purchased the Rivers Apartment Communities in Marietta, Ga. for $72 million. The communities, which consist of 708 garden-style apartments on nearly 77 acres, are situated on adjacent lots on Powers Ferry Road in Marietta.Ceebraid-Signal is making a multimillion-dollar investment for upgrades in the Rivers Apartment Communities, which are comprised of The Preserve Apartment Homes, The Pointe Apartment Homes and The Park Apartment Homes. In addition to the existing amenities, which include three pools, three fitness rooms and numerous tennis courts, Ceebraid-Signal is also planning to add a new clubhouse and leasing center that will house an indoor basketball court, surround-sound movie theater, rock climbing wall, athletic/cardio center and residents lounge.Each of the 708 apartments will be renovated to include new kitchens, bathrooms and HVAC units. Ceebraid-Signal’s plans also include new decks, playground facilities and improved access to the communities’ Chattahoochee River jogging trails.“We are excited to have the opportunity to improve these communities for residents with newly renovated apartment homes and the addition of desirable amenities,” says Jason Schlesinger, principal of Ceebraid-Signal. “A demand for enhanced housing exists in Marietta and we are confident that these improvements will serve to elevate residents’ quality of life.”Marietta is home to 10 industrial and business parks and is undergoing a redevelopment of its downtown area as part of a comprehensive effort targeted at improving the city’s central business district. The city is also home to several colleges and universities, such as Southern Polytechnic State University.