Knickerbocker Asset Management Buys 1963-Vintage Smyrna Community for $24M
New York, NY-based Knickerbocker Asset Management has acquired Lexington Park, a 156-unit multifamily property located in Smyrna, GA, for $24 million
Travis Presnell, Nathan Swenson and James Wilber of commercial real estate firm Cushman & Wakefield represented the seller, Atlanta, GA-based Castlegate Property Group.
“The acquisition of Lexington Park is exemplary of Knickerbocker’s investment strategy to acquire well-located multifamily properties below replacement cost,” said Justin Mohr, principal at Knickerbocker Asset Management. “We look forward to executing our capital improvement program to upgrade the community to be well-positioned within the Smyrna market.”
The 1963-constructed Lexington Park is located in the northwest expansion district of Cobb County just minutes from downtown Smyrna. Community amenities include high-end grill area, a swimming pool, dog park/play area, laundry facility and resident business center. According to Cushmand & Wakefield, value-add opportunity is available by installing high-level finishes in approximately 40% of Lexington Park’s units and adding several new amenities.