American Landmark Apartments has acquired two multifamily communities in Marietta, Georgia—the 312-unit Knolls Apartments and the 380-unit Crossings Apartments. The properties will undergo an $8 million capital improvements program.
The acquisitions bring the multifamily owner and operator’s Georgia portfolio to nine properties and its national portfolio to 92 properties with approximately 34,000 units in Florida, Georgia, North Carolina, South Carolina, and Texas.
“Metro Atlanta’s resilient workforce and accelerating in-migration maintained robust apartment demand that sustained the market all through last year,” said Christine DeFilippis, chief investment officer at American Landmark Apartments. “As leasing activity kept pace with deliveries and rising payrolls continue to strengthen fundamentals, the Greater Atlanta area will maintain its status as a Sun Belt market with clear opportunity for multifamily investment.”
Built in 1983, The Knolls Apartments, which will be renamed The Everette at East Cobb, includes one-, two-, and three-bedroom units with hardwood floors, walk-in closets, granite countertops, and stainless steel appliances. Amenities include a bark park, a cardio fitness center, an entertainment café with Wi-Fi, a swimming pool, and two lighted tennis courts.
The Crossings Apartments, which will be renamed The Franklin at East Cobb, was built in 1986. It features one-, two-, and three-bedroom units with hardwood floors, window coverings, additional storage, and private balconies and patios. Amenities include a business center, a clubhouse, a barbecue and picnic area, a fitness center, a pet park, a playground, a swimming pool, and a sun deck.
Capital improvements at the two multifamily communities will include undermount sinks, brushed nickel plumbing features, tile backsplashes, custom cabinets, luxury lighting fixtures, smart locks, Nest thermostats, custom closet systems, USB outlets, and bathroom upgrades. In addition, community amenity enhancements will include renovated clubhouses, fitness centers, pool areas, and landscaping.
