ATLANTA, GA - Emma Capital Investments announced the completion of the acquisitions of Somerpoint Apartments, a 144–unit garden style multi-family apartment community located at 1788 Austell Rd., Marietta, Cobb County, Georgia and Brix on Beech (formerly Georgian Arms), a 100-unit garden style multifamily complex located at 16 Beech Rd. SE, Marietta, Cobb County, Georgia at a combined purchase price of US$ 15.7 Million. This is Emma Capital's 17th and 18th acquisitions in the United States and brings its total units acquired to date to approximately 4,000.
Both properties are located in the in the highly desirable City of Marietta, a city in one of the most affluent counties in Georgia – Cobb County. Marietta's population is expected to expand nearly 7% over the next five years. Between 2010 and 2015, the submarket exhibited strong rent growth of approximately 16% and is projected to increase organically a further 12-15% over the upcoming 4 years. The area is undergoing tremendous investment in infrastructure including the new $622 Million Atlanta Braves stadium and its adjoining $400 Million entertainment district.
The immediate area near the Properties is also home to Dobbins Air Force Base the largest multi-service reserve base in the world supporting more than 10,000 guardsman and reservist from the Army, Navy, Marines and Air Force. Adjacent to Dobbins Air Force Base is Naval Air Station Atlanta that supports 2,000 Navy and Marine Corps reservists in 31 different states. Further, adjacent to Brix on Beech is Chattahoochee Technical College, a two-year state technical college with an enrollment of over 17,000 students annually (Approx. 13,000 in Marietta), making it the largest technical college in Georgia. Also in the immediate vicinity is a campus of Kennesaw State University (KSU, the third largest university in the state of Georgia). The school currently has enrolment of over 33,000 undergraduate and graduate students of which 6,500 are located at the Marietta campus.
Somerpoint Apartments was built on 10.8 acre and offers two spacious one and two bedroom floor plans, with an average of 960 sq. ft. Brix on Beech is built on 7.9 acres with beautiful frontage on Austell Road. The Property features large well-lit units averaging 900 sq. ft. in two floor plans. All of the units at both Properties feature original classic interior finishes, making the two assets strong candidates for unit interior upgrades by enhancing the finishes and appliances to achieve substantial rent increases.
"We are pleased to continue to expand or portfolio in the Greater Atlanta Area. The addition of these properties in Marietta further strengthens our footprint in this rapidly growing market," stated founding partner and Co-Owner Haya Zilberboim. "These acquisitions are our 8th and 9th in the Atlanta area in the past year and a half," added Partner and Co-Owner Oz Cohen. "We continue to execute on our growth strategy with quality assets in strong locations."
Source: Emma Capital / #Apartments #Multifamily