The Life at Windy Hill
A 257-Unit Multifamily Asset | Marietta, Georgia
Year Built / Renovated: 1968 / 2017
Number of Units: 257 Units
Average Square Feet: 1,379 SF
Total Square Feet: 354,493 SF
Site Size / Density: 22.7 Acres; 11.3 Units per Acre Parking: Ample
- Fully-equipped Kitchen
- Frost-free Refrigerator
- Separate Dining Area*
- Wood Look Floors*
- Washer/Dryer Connections*
- Walk-in Closet(s)
- Ceiling Fan(s)*
- Window Blinds
- (* In select units)
- Clubhouse/Leasing Office
- Controlled Access Gate
- Coffee Bar
- Swimming Pool
- Soccer Field
- Fitness Center with Yoga Studio
- BBQ/Picnic Area
- 3 Playgrounds
- Laundry Center
- Dog Park
- Mail Kiosk
- Within Walking Distance of Bus Line
- Located in Cobb County, a highly-desirable north Atlanta location with high growth rates and strong demographics.
- The asset is a 40%/60% low-income housing tax credit (LIHTC) property with only 2 years remaining (LURA ends in 2022).
- Built in 1969 and renovated in 2017 and 2019 with almost $6.4M in capex and upgrades completed (see capex chart on page 10).
- The Life at Windy Hill apartments feature remarkably sized one-, two-, and three-bedroom majority townhome floorplans (78%) that average a spacious 1,379 SF, the largest floorplans in the submarket.
- Desirable construction elements include: pitched roofs, exterior breezeways, and low-maintenance brick and HardiePlank exteriors.
- Offered below recent sales submarket comps at an attractive price per unit and excellent price per square foot.
- Opportunity to burn off $317,000 of loss to lease by bringing below market rents up to currently achieved rents on the existing unit mix.
- 65 unrenovated units provide further value-add opportunity.
- In highly-rated Cobb County school system, located next to $30M Osborne High School replacement and expansion. Once construction is complete, Osborne High School will be Cobb County’s newest STEM and college preparatory program.
- Situated just off Windy Hill Road (36,800 vehicles per day) close to Austell Road (37,600 vehicles per day).
- 6.6% rent growth in the West Marietta submarket over last 12 months according to RealPage (see page 66 of OM).
- Convenient to massive commercial and employment district surrounding Cumberland, Vinings, and Truist Park.