Knickerbocker Asset Management recently closed on the $24 million purchase of the 156-unit Lexington Park apartment community in Smyrna.
The community is located at 2950 South Cobb Drive. Courtesy of Google Maps.
The property opened in 1963 and presents a “quintessential value-add multifamily property” in the northwest expansion district of Cobb County, said Cushman & Wakefield, which represented the seller, Castlegate Property Group.
“The acquisition of Lexington Park is exemplary of Knickerbocker’s investment strategy to acquire well-located multifamily properties below replacement cost,” Knickerbocker principal Justin Mohr said in a press release. “We look forward to executing our capital improvement program to upgrade the community to be well-positioned within the Smyrna market.”
The community is located at 2950 South Cobb Drive. Resident amenities include a grill area, swimming pool, dog park/play area and business center.
Castlegate made more than $500,000 of exterior improvements, including a modern paint scheme, updated signage and leasing office renovations. Cushman & Wakefield said value-add opportunities include new high-level finishes in 40% of the units and adding new amenities.
Cushman & Wakefield’s Travis Presnell, Nathan Swenson and James Wilber represented Castlegate.
The post 156-unit Smyrna community sells for $24 million appeared first on Atlanta Agent Magazine.