Suburban Atlanta Community Changes Hands
- Feb 04, 2019
Bell Partners has completed the acquisition of Mountain Park Estates, a 450-unit community located in Kennesaw, roughly 30 miles from downtown Atlanta. The asset was immediately rebranded as Bell Kennesaw Mountain once the deal was finalized.
The transaction represents the company’s ninth acquisition in Georgia and its first multifamily deal of 2019. Last year, Bell Partners completed nearly $2 billion in total apartment transactions.
“The addition of this suburban Atlanta community to our portfolio represents the continuation of our strategy to invest in high-quality assets that provide attractive current income and value growth prospects,” Kary Nordholz, Bell Partners’ executive vice president, investments, told MHN. “We see the potential to continue a successful modernization of the apartment interiors and implement a comprehensive amenity upgrade, which should enhance the residents’ living experience as well as add future income for our investors.”
The property comprises 24 buildings, offering a mix of one-, two-, and three-bedroom units and townhomes averaging 1,181 square feet. All units boast 9-foot ceilings, garden tubs, patios and balconies, with select units offering fireplaces. Amenities include a pool area with sundeck, a fitness studio, three lighted tennis courts, an a recently renovated Farmhouse-style clubhouse.
The 2001-built community was 96.7 percent occupied as of January, according to data provided by Yardi Matrix.
Buoyed by Population Growth
Located on 42 acres at 1925 Old 41 Highway NW, Bell Kennesaw Mountain sits directly in the dynamic Kennesaw/Town Center submarket, which has seen strong population growth over the last few years, bolstered by a rise in enrollment at Kennesaw State University.
The property is situated in the center of Northwest Atlanta’s thriving office market, which is home to some of the city’s most notable employers. It’s also close to a variety of retail and dining options at the Town Center Mall and the Avenues of West Cobb.
Bell Kennesaw Mountain offers convenient access to Interstate 75 and Interstate 575, and is minutes away from Historic Kennesaw Mountain and numerous hiking trails.
In August of last year, Bell Partners secured a contract to manage JB Matteson Inc.’s 17 multifamily properties, valued at more than $1 billion.
Image courtesy of Yardi Matrix