Location: 57440 Riverside Pky, Austell, GA 30168
Year Built: 1975
Acquisition Date: 09/08/22
The Cobb Townhome Apartments is located in Cobb County. Cobb County’s population nearly tripled between 1970 and 2000, and grew 26.4% between 2000 and 2019. Among Georgia counties, Cobb ranks second in population density and third in total population (766,149 in 2020). Significant organic rental upside upon acquisition, as current ownership is charging rents considerably below comparables. OREI anticipates $225/unit of organic, mark-to-market rent growth. Value-add opportunity in all 232 classic units with the installation of stainless-steel appliances, new cabinet fronts, faux wood flooring, kitchen tile backsplash, granite countertops, and updated lighting and plumbing. Upon interior renovation, OREI anticipates a $187/unit average rent premium, in-line with similarly renovated product within the submarket.