Arbors at Smyrna
Call for Offers - September 23, 2021 • 340 Units • Built in 1967 & 1969
Year Built / Renovated: 1969 / 2018
Number of Units: 340 Units
Average Square Feet: 1,186 SF
Total Square Feet: 403,500 SF
Site Size / Density: 26.2 Acres; 13.0 Units per Acre Parking: Ample
- Fully-equipped Kitchen
- Upgraded Cabinets and Countertops*
- Black Appliances*
- Frost-Free Refrigerator
- Washer/Dryer Connections*
- Faux Wood Vinyl Flooring
- Walk-in Closet(s)*
- Ceiling Fan(s)
- Window Blinds
- (* In select units)
- Controlled Access Gate (Phase I)
- Leasing Office
- Fitness Center / Clubhouse
- Swimming Pool
- Fenced Soccer Field
- 2 Dog Parks
- 2 Playgrounds
- 2 Laundry Centers
- Mail Kiosks
- Convenient to Bus Line
- Located in Cobb County, a highly-desirable north Atlanta location with high growth rates and strong demographics. According to RealPage, the Smyrna submarket experienced 11.8% annualized rent increase and 12.9% annualized revenue increase as of Q2 2021.
- The Arbors at Smyrna apartments feature market-superior one-, two-, and three-bedroom floorplans averaging a spacious 1,183 SF. 76% of units are townhome floorplans.
- Newer leases for unrenovated units are $229 higher than the average on the rent roll for the 2BR townhome (1,220 SF) and $293 higher for the 3BR (1,350 SF).
- Opportunity to burn off $1,050,00 of loss to lease by bringing below market rents up to recently achieved rents on the unit mix.
- 97% of units are unrenovated providing further value-add opportunity.
- High occupancy with 20 tenant wait list through October 2021.
- The current owner spent $1.9M+ in recent capex, which includes a new fitness center.
- Within a three-mile radius of the property, the median household income is $56,577 according to Environomics Analytics.
- Situated just off South Cobb Drive (30,900 vehicles per day) close to Windy Hill Road (36,200 vehicles per day).
- Convenient access to massive commercial and employment district surrounding Cumberland, Vinings, and Truist Park.
- In highly-rated Cobb County school system
- Located in a Federal Opportunity Zone