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Cortland Acquires Gardens At East Cobb Multifamily In Marietta For $95.75M

Property Image
SOLD
$95,750,000

Georgia

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MultiFamily
Sold 12/09/2024
the dealdetailscomps
Property Image
SOLD

Cortland Acquires Gardens At East Cobb Multifamily In Marietta For $95.75M

2850 Delk Road Southeast

See Similar Deals
MultiFamily
Sold 12/09/2024
the dealdetailscomps

Summary

GEORGIA
Asset Type:MultiFamily
Transaction Type:Sale

The property asset involved in this transaction is a multifamily apartment complex located at 2850 Delk Road Southeast, Marietta, GA. The sale price for the property was $95,750,000. This complex consists of 484 units, leading to a per-unit pricing of $197,831. The property is 96% leased and was originally built in 1983. It is projected to generate an annual Net Operating Income (NOI) of $5.96 million, resulting in a capitalization rate of 6.22%.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $95,750,000
  • Buyer: Cortland
  • Seller: NALS Apartment Homes
  • Units: 484
  • PPU: $197,831
  • Location: 2850 Delk Road Southeast, Marietta, GA
  • Leased Percentage: 96%
  • Projected Annual NOI: $5.96 million
  • Cap Rate: 6.22%
  • Date of Transaction: 12/09/2024
  • New Property Name: Cortland Woodlands

Cortland acquired the property from NALS Apartment Homes. The transaction indicates a focused investment strategy aimed at enhancing the asset's potential through operational improvements and repositioning in the competitive market.

Details

SOLD
IMAGE: 12/09/2024 ADDRESS: 2850 Delk Road Southeast MARKET: Marietta, GA ASSET TYPE: Multifamily BUYER: Cortland SELLER: NALS Apartment Homes SALE PRICE: $95,750,000 UNITS: 484 ~ PPU: $197,831 NOTE: Cortland acquired the Gardens at East Cobb, a 484-unit Marietta, GA, apartment complex, for $95.75M, renaming it Cortland Woodlands. The 96% leased property, built in 1983, is projected to generate $5.96M in annual NOI, reflecting a 6.22% cap rate.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$5,106,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$340,179.52
Cash-on-Cash Return-1.27%
Monthly Debt Service$453,903.85
Annual Debt Service$5,446,846.19