American Landmark Apartments, one of the fastest-growing multifamily owner-operators in the country, has added 692 units to its portfolio with the acquisitions of The Knolls Apartments and The Crossings Apartments, two multifamily communities in Marietta, Georgia. The properties will be renamed The Everette at East Cobb and The Franklin at East Cobb, respectively, and will undergo an $8 million capital improvements program.
The acquisitions elevate the firm’s Georgia portfolio to nine properties and their national portfolio to 92 properties.
“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 of 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 Sunbelt market with clear opportunity for multifamily investment.”
American Landmark Apartments will implement an extensive capital improvements program at each property that includes undermount sinks, brushed nickel plumbing fixtures, tile backsplash, custom cabinets, luxury lighting fixtures, smart locks, NEST thermostats, custom closet systems, USB outlets and bathroom upgrades. Community enhancements will include a renovated clubhouse, fitness center, pool area and landscape beautification.
Built in 1983, the 312-unit Knolls Apartments is located at 1675 Roswell Road. One-, two- and three-bedroom units include hardwood floors, walk-in closets, granite countertops and stainless-steel appliances. Community amenities feature a bark park, cardio fitness center, entertainment café with Wi-Fi, swimming pool and two lighted tennis courts.
Built in 1986, the 380-unit Crossings Apartments is located at 875 Franklin Road. One-, two- and three-bedroom units include hardwood floors, window coverings, extra storage space and a private patio/balcony. Community amenities feature a business center, clubhouse, BBQ/picnic area, fitness center, playground, pet park, sundeck and swimming pool.