Aspen Square Spins Off 395-Unit Marietta Rental Asset
Aspen Square Management offloaded the Legacy at West Cobb in Marietta, Georgia, for $48 million. The 395-unit apartment complex was sold to Acento Partners. Andrew Mays and Paul Vetter of Berkadia Atlanta represented the seller. Berkadia also arranged a $36 million acquisition loan. The property was 88% occupied at the time of sale.
Berkadia’s Mays added. “Twenty initial offers reflected strong investor interest in the property’s affordable-to-market rent upside and large floor plans.” Room sizes range from 750 – 1,530 square feet. Rents range from $1,259 – $2,085.
Located at 2665 Favor Road SW, Legacy at West Cobb was built in 1970, renovated in 2021 and features 395 units with spacious one-, two-, three- and four-bedroom floor plans averaging 1,139 square feet. The community also includes townhome-style residences, with 17% of units configured as townhomes.
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout