ZMR Capital Grows Atlanta Portfolio With $40M Buy
The 348-unit property marks the buyer’s third acquisition in the metro over the last three years.
ZMR Capital has paid $40.1 million for the 348-unit Upland Townhomes in Atlanta. According to Yardi Matrix data, the seller was The Walden Group. The community previously changed hands in 2017 for $22.8 million.
The 1970-built property encompasses 24 buildings at 6850 Mableton Parkway. The two-story buildings feature one- to three-bedroom floorplans. A clubhouse, swimming pool and 500 parking spaces are among the community amenities.
The new owner plans to undertake renovations at the property, with the addition of a clubhouse that will include a business and fitness center. With half of the apartments already upgraded, the remaining units will receive new stone countertops and cabinetry, upgraded lighting and plumbing fixtures, new vinyl plank flooring and stainless appliances. The existing playground, dog park and grilling areas will also undergo enhancements.
Situated in the South Cobb submarket, the community is a mile north of Interstate 20 and 1.5 miles from Fulton County Airport. Several dining and shopping options are located nearby.
A business- and resident-friendly market
Upland Townhomes marks ZMR’s third investment in the metro over the past three years. With its Atlanta portfolio amounting to nearly 1,000 units, the company intends to further expand its footprint in the area and spend $250 million over the next 24 to 36 months in the metro.
According to ZMR CEO Zamir Kazi, demand in the South Cobb submarket is fueled by a dearth of new multifamily development, as well as by the proximity of the Fulton Industrial Corridor.
With 30,000 new jobs created in the area, workforce expansion has pushed rents up by 30 basis points on a trailing three-month basis through March, Yardi Matrix data shows. Occupancy also rose by 110 basis points in the 12 months ending in February.
According to Kazi, the ongoing expansion of tech companies in the area, coupled with the more affordable rents compared to California and New York, will keep the inflow of new residents at a steady pace.