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MARIETTA, GA-Ceebraid-Signal has acquired the 708-unit Rivers Apartment Communities on adjacent lots on Powers Ferry Road for $72 million.

The complex, located on 77 acres, consists of the 95% occupied Preserve Apartment Homes, the Pointe Apartment Homes and the Park Apartment Homes. This is the company’s first multifamily acquisition in the Atlanta area, Ceebraid-Signal principal Jason Schlesinger tells GlobeSt.com. “We’ve spent a long time looking in the metropolitan area for locations that have great potential to expand and grow,” he says. “Marietta is a great location with access to Midtown, Downtown and Buckhead.”

Ceebraid-Signal is planning to make a multimillion-dollar investment into the property with improvements including the addition of a new clubhouse and leasing center that will house an indoor basketball court, surround-sound movie theater, rock climbing wall, athletic/cardio center and residents’ lounge. The company is also planning to build new decks, playground facilities and improved access to the Chattahoochee River jogging trails. The complex already has three pools, three fitness rooms and several tennis courts. Improvements to unit interiors will include new kitchens, bathrooms and HVAC units.The changes are aimed at upgrading the complex from a class B to a class A property, Schlesinger says.

Marietta, the county seat of Cobb County, has 10 industrial and business parks and is undergoing a redevelopment of its downtown as part of efforts to improve the city’s central business district. The city is also home to several colleges and universities, such as Southern Polytechnic State University, as well as five historic districts and shopping and recreational facilities. The apartment complex is located adjacent to the Chattahoochee River and near Interstates 75 and 285.

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