Although the 295,352-sf, 26-acre property is 33 years old, "the substantial potential for upside through renovation and repositioning of the property appealed to the buyer," says Thomas Boehlke, a senior investment specialist in the Atlanta office of Marcus & Millichap Real Estate Investment Brokerage Co. Boehlke handled the deal for buyer and seller.
The property was financed with a $7.6 million assumable variable-rate loan and carried a market capitalization rate of 9.75%. The unit mix is composed entirely of townhomes, with 144 one-bedroom, 188 two-bedroom and 16 three-bedroom units, ranging in size from 706 sf to 1,225 sf. The property is at 6850 Mableton Parkway near the Six Flags theme park in Cobb County.
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