CALL FOR OFFERS - August 4, 2021 | Forest Ridge is a 406 unit, 1983-built property in Marietta (Cobb County), GA.
Year Built / Renovated: 1983 / 2007
Number of Units: 406 Units
Average Square Feet: 927 SF
Total Square Feet: 376,648 SF
Site Size / Density: 37.2 Acres; 10.9 Units per Acre Parking: Ample
- Stainless Steel Appliances*
- True Granite Countertops*
- Frost-free Refrigerator with Icemaker
- Separate Dining Area*
- Washer/Dryer Connections and Appliances*
- Laundry/Utility Room*
- Patio/Balcony or Screened Porch
- Exterior Storage Closet*
- Faux Wood Vinyl Flooring
- Walk-in Closet(s)*
- Window Blinds
- (* In select units)
- Clubhouse/Leasing Office
- Two Resort-Style Swimming Pools
- Fitness Center
- Two Playgrounds
- Club Room with Gourmet Kitchen
- Picnic Area with BBQ Grills
- Fire Pit with Outdoor Kitchen
- Community Garden
- Laundry Facilitiy
- Package Lockers
- Mail Kiosk
- Forest Ridge is a 1983-built property with building exteriors and amenities in turnkey condition.
- This garden-style asset features 406 units with six distinct one-, two- and three-bedroom floorplans which average 928 SF.
- Timeless construction offers desirable elements including vinyl siding, pitched roofs, exterior breezeways, and washer/dryer connections (in most units).
- Approximately 88 interiors have been renovated to the “elite” level.
- Value Add: A new investor has the opportunity to continue “elite” level renovations on the remaining 300+ units.
- There is also an opportunity to build 8 additional twobedroom units on the property, potentially increasing NOI.
- According to CoStar, the Cumberland/Galleria Submarket experienced a 9% year-over-year rent growth as of Q2 2021. The median household income is $71,000+ within a three-mile radius according to RealPAge.
- The property is served by the highly sought-after East Cobb County School System.
- Residents are within walking distance to Publix, Starbucks, Chick-Fil-A, and Panera.
- The asset is within two miles of the $1.1B Braves Stadium and entertainment/lifestyle complex, The Battery and Truist Park. Additionally, Forest Ridge is less than three miles from Cumberland Mall and the Platinum Triangle, which consists of a wide array of retail and office and retail developments.
- Forest Ridge enjoys a convenient location right off of Terrell Mill Road, which will soon to be enhanced with a new connector road. The property enjoys proximate access to I-75, allowing for excellent accessibility to all of metro Atlanta.
Cory Caroline Sams
President and CEO