Suburban Atlanta Asset Commands $41M

TerraCap Management sold the asset following significant upgrades over the past three years.
23Thirty Cobb. Image courtesy of TerraCap Management

TerraCap Management LLC has sold 23Thirty Cobb, a property located in the northwestern Atlanta suburb of Smyrna, Ga., for $41.1 million.

The asset last traded in August 2018, when the current seller bought it from FPA Multifamily for $27.7 million, Yardi Matrix data shows. CBRE Vice President Keith Geiger arranged the most recent transaction of the 222-unit community on behalf of the seller.

Situated at 2330 Cobb Parkway SE and completed in 1985, the property features one- and two-bedroom floorplans. During its ownership, TerraCap renovated the asset’s exterior, amenities and landscaping. Amenities include a fitness center, tennis court, swimming pool and spa. Additionally, a new leasing office has been developed. 

Following the upgrades, which also included some in-unit work for select apartments, rents went up by 30 percent compared to the property’s previous classic lease, said TerraCap Partner & Asset Manager Robert Witt in prepared remarks.

Located within a mile of the 1.5 million-square-foot mixed-use development The Battery, the community is also close to Truist Park—the home stadium of the Atlanta Braves. The property is also close to the interchange between interstates 75 and 285, offering easy access to several Cobb County employment hubs.

Earlier in June, TerraCap acquired a fully occupied asset in Bonita Springs, Fla.  The company paid $70.4 million for the asset.