Cushman & Wakefield announced today that the firm represented KENCO Apartment Communities in the sale of Marietta-area communities Georgian Arms and Somerpoint to Emma Capital for $15.71 million.
Cushman & Wakefield Vice Chair Josh Goldfarb was joined by Executive Managing Director Tyler Averitt and Associate Robbie O’Bryan to represent KENCO in the sale of the properties.
Both properties are located in Cobb County, one of the most affluent counties in Georgia. Attractive demographics, economic growth and retail hubs in Cobb County are geared to help propel property performance in the years to come. The new Atlanta Braves Stadium, SunTrust Park, will provide a positive influence to the surrounding area when it opens in 2017. In addition to an abundance of employment drivers, the properties offer residents and students unparalleled access to Kennesaw State University and Chattahoochee Technical College.
“This transaction showcases why a tremendous amount of private capital is continuing to pour in to Metro Atlanta,” O’Bryan said. “These two established, well-maintained assets are situated in an area that is continuing to see increased demand for multifamily, while the supply is being depleted in the immediate submarket. New ownership can expect promising returns as they rejuvenate these properties in one of the most stable markets in Atlanta.”
KENCO Vice President Doug Linneman said the timing was right for them to sell these assets, and it dovetails nicely with their future financial plans.
“Based on current market conditions, we decided this was a great opportunity to capture the value that each property has generated,” Linneman said. “We may not yet be at the market peak, however we greatly exceeded our investment goals and knew we didn't want to get caught trying to time the market perfectly. Our future investment plan is to hold cash and patiently wait for new buying opportunities, which ideally would be well-located, in-town assets. In the meantime, we're investing in our remaining assets, which we view as longer-term holds, and we have added third party management to our business model and have already begun managing a few properties for outside owners.”
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 43,000 employees in more than 60 countries help investors and occupiers optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow@CushWake on Twitter.
