Suburban Atlanta Community Lands New Owner, Changes Name
- Jan 24, 2017
By Veronica Grecu
Marietta, Ga.—The 494-unit Arium 41 community in metro Atlanta was rebranded into Element 41 by its new ownership team.
ORP Element, a joint venture between and affiliate of Atlantic Creek Real Estate Partners and Oak Residential Partners’ third co-investment fund, recently acquired the residential property for an undisclosed sale price. This is Oak’s second foray in the Atlanta area in partnership with Atlantic Creek after acquiring The Gallery apartments at the end of 2015, as MHN previously reported.
“This asset provides an excellent opportunity to invest needed capital in a rapidly expanding and dynamic area of Atlanta,” said Adam Levine, managing principal of Oak Residential Partners. “These opportunities fit perfectly into Oak’s business strategy to improve and reposition multifamily properties achieving above average return for ourselves and our investors.”
Located on 41 acres at 991 Wylie Road in central Cobb County, Element 41 was built in 1988 and consists of 494 apartment units in a mix of one-, two- and three-bedroom floor plans. The gated community also features a fully renovated clubhouse, fitness center and tennis courts, business center, dog park, two swimming pools, as well as a sports field for soccer and basketball along with a quarter-mile walking track.
According to RENTCafé, rents at Element 41 start at $764 for a one-bedroom unit and go as high as $1,255 for a three-bedroom apartment. The property is managed by Carroll Management Group.
The new ownership plans to add value to Element 41 by renovating and expanding the existing fitness center building and adding an outdoor resident lounge and relaxation space, followed by other planned improvements. Select apartment units will also be renovated.