Atlanta-based Castlegate Securities recently bought the 680-unit Lincoln Hills, an apartment project along Interstate 75 just east of Dobbins Air Force base for nearly $50 million, or $73,500 a unit, according to market sources.
The 80’s-era apartments are part of a revitalizing area of Marietta between the Atlanta United soccer training facility and SunTrust Park. The transaction featured the second-highest total sales price in the past year in Marietta.
An affiliate of Ralmark Georgia LLC sold the property. Castlegate Securities plans to begin a renovation.
New York-based Greystone Brown Real Estate Advisors brokered the sale of the 43-acre project. Greystone Brown’s Cory Sams, Taylor Brown, and Bo Brown represented the seller in the deal. It’s one of five apartment sales totaling $138 million that the firm brokered in the past year in Marietta.
Suntrust Park and the project’s adjacent mixed-use development are catalysts for investment growth in the Galleria/Cumberland/South Marietta areas of Cobb County, said Bo Brown, president of Greystone Brown Real Estate Advisors.
Multifamily developers and investors are aggressively seeking opportunities in what Brown called a booming area of north Atlanta.
Over the past five years, Atlanta’s northwest side has started to steal some momentum back from cities along the central Perimeter.
Cobb’s commercial districts also saw their millennial population grow the fastest of any suburban node, according to new data from Atlanta Regional Commission. One reason is the large stock of older affordable rental housing that’s being renovated, real estate observers say.
Ricky Jones, an investment associate in Franklin Street Real Estate Services’ Atlanta office, said Cobb Country is one of the hottest submarkets in the state.
“The future of the I-75 corridor is exceptionally positive and a safe harbor for investors because its proximity to Atlanta’s core business district and the new Braves development,” Jones said.