Excerpted from Multi-Housing News story.
Franklin Street has arranged the sale of Lantern Ridge Apartments, a 150-unit community in Marietta, Ga. Jake Reid, Chad DeFoor and Dan Phelan of the company’s Atlanta multifamily investment sales team represented seller. Liquid Capital Real Estate Partners acquired the asset for $18.3 million or $122,000 per unit. According to Yardi Matrix data, the asset last changed hands in 2006, when Nelkin Real Estate purchased it for $5.5 million.
Located at 1810 Roswell Road, the community is along Marietta Parkway, 3.3 miles east from downtown Marietta and roughly 18 miles north from downtown Atlanta. New London Square and East Gate Shopping Center are within a 1-mile radius of the property. Hartsfield-Jackson Atlanta International Airport is 27.4 miles south, accessible via interstates 85 and 75.
The asset consists of eight two-story buildings developed in 1973 on a 12-acre site, per Yardi Matrix. The unit mix features one- to three- bedroom floorplans, ranging from 800 to 1,300 square feet. Community amenities include a swimming pool, clubhouse and playground. The property was 94.7 percent occupied as of June.
Lantern Ridge is the fifth Liquid Capital multifamily property in the Atlanta metro. In November, the company acquired a 490-unit asset in Norcross, Ga., followed by the purchase of Forest Cove, a 646-unit value-add community in Doraville, Ga.