MARIETTA, GA – American Landmark Apartments, one of the fastest-growing multifamily owner-operators in the country, has acquired 880 Lakeside Apartments, a 222-unit apartment community located in the heart of Marietta, Georgia. The community will be renamed The Bentley at Marietta and will undergo a $2.4 million capital improvements project.
With this acquisition, American Landmark now owns and operates eight multifamily communities in Georgia with a total of 2,500 units.
"Marietta benefits from close proximity to Atlanta, and has seen strong job and population growth over the past several years in part due to the large number of Fortune 500 company headquarters and aerospace/manufacturing businesses in the county,” said Christine DeFilippis, chief investment officer at American Landmark. "We’re excited to plant a flag in the thriving community of Marietta and add this property to our growing multifamily portfolio in the Southeast."
According to RentCafé, the average rent for an apartment in Marietta is $1,235, a 6 percent increase over last year rates – and well above the national average.
American Landmark plans to upgrade a variety of features throughout the property in a comprehensive value-add program. Unit upgrades include granite countertops, new cabinets, backsplash, stainless steel appliances, nickel-brushed plumbing fixtures, luxury lighting fixtures, USB outlets and electronic locks. For the site, improvements include a grilling table, dog park and renovated fitness center/clubhouse, swimming pool and landscaping.
Built in 1985, 880 Lakeside Apartments is located at 880 South Cobb Drive. One- and two-bedroom units include open floor plans, fully-equipped kitchen, expansive walk-in closets and full size washer and dryer. Community amenities include a resort-style swimming pool, outdoor grilling area, expansive sundeck, fitness center and access to private lake.