ATLANTA, GA - CBRE has executed the sale of Mountain Park Estates, a 450-unit multifamily property located at 1925 Old 41 Highway Northwest in Kennesaw, GA, one of Atlanta’s most dynamic suburbs marked by a 58% population growth since 2000. The asset is situated just one mile from Kennesaw Marketplace, a 50-acre mixed-use development completed in 2017 and anchored by Whole Foods.
CBRE’s Shea Campbell represented the undisclosed seller. Greensboro, NC-based Bell Partners acquired the community.
“We continue to see institutional interest in these strong, suburban Atlanta locations, which has resulted in a surge in pricing for assets like this,” said Mr. Campbell, senior vice president at CBRE. “The Kennesaw submarket is experiencing little impact of the new apartment supply within the greater Atlanta area, with only 200 units currently under construction.”
Mountain Park Estates is located within the center of Northwest Atlanta’s thriving office market. The area boasts over 22.6 million sq. ft. of industrial space and over 9.1 million sq. ft. of office space. In addition to the Kennesaw Marketplace development, WellStar has announced a $15 million upgrade at Kennestone Hospital, which is within a 10-minute drive from Mountain Park Estates.
According to CBRE’s 2019 Southeast U.S. Real Estate Market Outlook, investors are attracted to Atlanta’s strong economic growth trends, coupled with the relative affordability of the market, which suggests ample opportunity for rent growth. Additionally, investment product has been trading at cap rates marginally lower than national averages. A healthy balance between supply and demand will continue to support attractive investment fundamentals.