Cushman & Wakefield announced that the commercial real estate services firm arranged the $24 million sale of Lexington Park, a 156-unit multifamily property located in Smyrna, Georgia.
Cushman & Wakefield’s Travis Presnell, Nathan Swenson, and James Wilber represented the seller, Castlegate Property Group, in the transaction. The multifamily property was acquired by Knickerbocker Asset Management.
“The acquisition of Lexington Park is exemplary of Knickerbocker’s investment strategy to acquire well-located multifamily properties below replacement cost,” said Justin Mohr, Principal at Knickerbocker. “We look forward to executing our capital improvement program to upgrade the community to be well-positioned within the Smyrna market.”
Built in 1963, Lexington Park is a quintessential value-add multifamily property that is strategically located in the northwest expansion district of Cobb County. The property is minutes from downtown Smyrna and offers great visibility along South Cobb Drive which sees roughly 30,000 vehicles per day.
Community amenities include high-end grill area, a swimming pool, dog park/play area, laundry facility, and resident business center. Significant investment was also recently made to enhance the exteriors of the property with a modern paint scheme, update all signage, and renovate the leasing office. Additional value-add opportunity is available by installing high-level finishes in approximately 40 percent of Lexington Park’s units and adding several new amenities.
“Lexington Park is ready for its new owner to take it to the next level. The well-located deal is in great physical condition after the prior owner spent $500,000 enhancing the exterior appearance,” added Travis Presnell, Executive Managing Director at Cushman & Wakefield.
Cushman & Wakefield’s Sunbelt Multifamily Advisory Group is a 110-person investment sales team covering 11 states with No. 1 multifamily market share in that region based on sales volume and transactions reported to CoStar. Per Cushman & Wakefield, in 2022, the group closed $11.1 billion in sales volume through 360 deals and over 60,300 units.
