Pennington Pointe, 1716 Terrell Mill Road
A subsidiary of The Hallmark Cos. has sold Pennington Pointe, a 268-unit community in Marietta, Ga. The property traded for $35 million, shelled out by DE Pennington Pointe Apartments LLC. Greystone Brown Real Estate Advisors negotiated the transaction on behalf of the seller.
According to Yardi Matrix, The Hallmark Cos. acquired the property in 2016 for $27.6 million in a transaction subject to a $22 million Fannie Mae loan, due 2023.
Pennington Pointe, which is located at 1716 Terrell Mill Road, encompasses 11 buildings spread on 24 acres. The community comprises a studio, 61 one-bedroom, 161 two-bedroom, 44 three-bedroom units and one four-bedroom unit, ranging in size from 480 to 2,600 square feet. Common-area amenities include a clubhouse, playground, tennis court, swimming pool, laundry facilities and 500 parking spaces.
The area surrounding Pennington Pointe features multiple retailers and restaurants, as well as immediate access to Interstate 75. Among nearby destinations are a Walmart Supercenter, the Atlanta Braves stadium and Wellstar Windy Hill hospital. The property was 94 percent occupied as of April, and monthly rents average $1,069, according to data provided by Yardi Matrix.
“The rising cost of new construction is driving investors to look at renovating the existing supply rather than developing new ground-up communities. We were confident that this property would attract substantial interest due to its prime location, community amenities and spacious floorplans,” said Chandler Brown, director at Greystone Brown Real Estate Advisors, in a prepared statement.
Image courtesy of Yardi Matrix