$31.75 Million Multifamily Asset Sale Completed by Marcus & Millichap in Metro-Atlanta
KENNESAW, Ga., May 27, 2021 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Lewis House at Kennesaw, a 132-unit apartment property in Kennesaw, Georgia. The asset sold for $31.75 million, which equates to $240,530 per unit.
“Lewis House at Kennesaw is arguably one of the most distinctive, multifamily assets built in Georgia in the last several years,” said John E. Brigel, first vice president in Marcus & Millichap’s Tampa office. “Wonderfully conceived of, and crafted by regional developer Walt Gill/TrueNorth Companies, this Class-A, core-plus property was still under construction and less than 30% leased when we brought it to market. Even so, an experienced local owner with thousands of high-quality units made a compelling all-cash offer with a price and terms that included a 4.1% cap rate based on July 2021 stabilized pro forma performance.” Brigel had the exclusive listing to market the property on behalf of the seller and procured the buyer. Both are limited liability companies. John M. Leonard, Marcus & Millichap’s broker of record in Georgia, assisted in closing the transaction.
Lewis House at Kennesaw is located immediately adjacent to several family-friendly recreational and entertainment venues, including a brand new $10 million recreation center, a new 4,400-seat amphitheater, and 33-acre community park. The property features a unique “Big-House” design concept that is single-family-home-like in appearance while providing apartment amenities and services to its residents.
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About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.